A trio of businessmen who conned financial institutions out of £20 million to expand their property portfolio have been jailed.

A City of London Police investigation found Amarjit Singh-Mann and his associates Jagjeet Chahal and Kamlesh Panchel tried to fund the expansion by refinancing a number of their existing commercial properties but falsely told the institutions they had secured long-term leases on the properties with several different companies.

Three lenders granted large loans on the grounds that the men had secured the leases and, therefore, could guarantee a steady income.

Detectives arrested Singh-Mann and Panchel in September 2009 after one lender reported the fraud. Chahal was arrested in June 2010 and the three were subsequently charged with conspiracy to defraud.

The men were found guilty of conspiracy to defraud at Harrow Crown Court on 10 October 2012.

Singh-Mann and Panchal were each sentenced to seven years in prison while Chahal received a three-and-a-half year jail term. All were disqualified from directorship for eight years.

DC Claire Bailey said: “Singh-Mann, Chahal and Panchel thought their mortgage fraud was so complex they could beat the lenders and the police but our investigation, along with the cooperation of the lenders, has proven their arrogance was their downfall.”