LAKHMI Gulabari Daswani, also known as Lux Daswani, has been sentenced to 12 years jail in relation to charges brought by the Australian Securities and Investments Commission.
Mr Daswani, a former Gold Coast director, was sentenced in the Brisbane District Court after pleading guilty to 12 offences under the Corporations Act and 12 Criminal Code of Queensland offences.
He pleaded guilty to the offences.
Mr Daswani is a former director of the Daswani Group of companies that went into administration in September 2000 owing more than $30 million to creditors.
BankWest was one of the major creditors.