Waleed Mohamed, 26 was sentenced to 16 months custody suspended and 150 hours unpaid work last week for taking over £33,000 through a student loan scam.
Waleed, who attended university in the past, had clearly clocked on to this method. He would approach university students and earn their trust as an employee of the company, offering them a ‘legal’ way to increase their entitlement by up to £3,444. He would log into their student finance account and change their residential status to living away from their parents’.
The Student Loans Company only became aware of this scam when there was a surge of students in London changing their employment status, however this was only after they had paid out an extra £73,267 to these accounts.
The fraudster blackmailed the students to pay him a portion or else they would not get any support from SLC. He used the money to fund his lifestyle, including holidays to Canada and Morocco.
Ex-Fraudster King Con said this about the case:
Cheeky little scam this that preys on the vulnerabilities of students who are on the bread line and just trying to further themselves in life. He stole a lot of money for not much of a sentence but this is why fraud is a risk not a gamble.
Do you think the sentence is tough enough or was there not much harm done?