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Disgraced director jailed for fraud: company owed $6.2m to 198 creditors

fraud

Former Crane Trucks R Us director Fred Mohammed has been found guilty of three counts of fraud and sentenced to imprisonment.

Crane Trucks R Us operated a wet hire, road-based logistics and lifting services business throughout Queensland, New South Wales and Victoria. The company was placed in liquidation on November 6, 2015.

An ASIC investigation found that, in August 2015, Mohammed, on three separate occasions, dishonestly withdrew a total of $256,000 from the company account.

The withdrawal of the funds occurred around 10 weeks before Crane Trucks R Us was placed in liquidation and was most likely insolvent.

 

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A post shared by Fred Mohammed (@hypogtr)

At the time Crane Trucks R Us was placed in liquidation it had total liabilities of $6,266,394.69 owed to 198 creditors.

But Mohammed regularly flaunted his affluent lifestyle on social media, in one post standing next to a new Range Rover with the rego CRUPTED.

“FIRST THEY WATCH, THEN THEY COPY, THEN THEY HATE…. CHEERS 🥂 TO ALL@MY HATERS….,” he once posted on Instagram.

Mohammed appeared in the Queensland District Court sitting at Ipswich between June 8-11. He was found guilty by jury and sentenced to two years and six months imprisonment on count one and 12 months imprisonment each on counts two and three, to be served concurrently.

Judge Lynch QC ordered that the term of imprisonment be suspended after serving six months, with a three-year operational period commencing on June 11, 2021, during which time Mohammed must not commit another offence punishable by imprisonment.

As a consequence of this conviction, Gold Coast-based Mohammed is automatically disqualified from managing corporations until December 10, 2026.

Big Rigs first broke the story of Crane Trucks R Us heading for liquidation in 2015 when employees claimed they had not been paid their full entitlements.

Mohammed, also known as Farmouz Farhaad Mohammed, told Big Rigs that his company failed because multinational giant Holcim terminated a $10 million contract part-way through a two-year deal.

A spokesman for Holcim denied the company owed money to Crane Trucks R Us.

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