Arrest warrant after Luqman flees

POLICE have issued a warrant for the arrest of disgraced businessman Shaid Luqman.

Luqman, 42, from Hale, who ran Manchester-based property group Lexi Holdings, is reported to have fled Britain to Pakistan while wearing an electronic tag.

He was ordered to wear the electronic tag after admitting fraud at a hearing in April at Minshull Street Crown Court in Manchester. In this case, he breached a prior court order by applying for a new passport.

He had been previously ordered not to apply for any travel documents and has already served two jail terms for other court breaches.

Greater Manchester Police confirmed to TheBusinessDesk.com that a warrant has been issued for Luqman’s arrest.

Lexi Holdings, a property financing firm, went into administration in October 2006 owing creditors more than £100m.

Administrator KPMG has been pursuing Luqman, pictured, through the civil courts in a bid to recover assets.

News that he has absconded will be a further setback to the long-running investigation – which has cost more than £10m so far.

Luqman was most recently jailed in 2009, while arrests warrants were issued for his father Mohammed and brother Waheed, who were in Pakistan.