The man in his 30s comes from Växjö, but ran a car company in Värnamo municipality.

Through it, he tricked people into using their bank IDs to approve loans as an investment in imported cars.

He also lied several times about a technical glitch that meant they needed to re-approve and then he instead took out new loans that the people didn't know about.

The frauds took place between the beginning of 2018 and the beginning of 2020 and most of the affected people have lost 300,000 kroner, but some have lost up to one million kroner.

Employee raised the alarm

The systematic fraud was discovered by one of the employees, who himself had been involved and involved his family and friends in the scam.

He himself has invested money and when he discovered that it was a scam, he urged those affected to report his boss to the police.

The man was sentenced in the Jönköping district court to two and a half years in prison and to pay back the roughly 24 million kroner.

However, he already has millions of debts with the Kronofogden, so the prospects for those affected to get rid of the money are slim.

More convicts

His companion was sentenced to one year and three months in prison for money laundering.

He has been described as less driven and says himself that he was used as a goalkeeper for the car company.

He doesn't have to pay back any money.

Two more men were sentenced to daily fines for money laundering, one of them is the employee who raised the alarm about the scam and who himself has debts.

Both say that their bank accounts were freely available to the Växjö resident.

The Växjö resident himself denies any crime and believes that several people actually made money from the business idea and that the company went bankrupt due to other people's swindling.

In the clip you see how he built up the scam and was able to trick so many people.