Dubai-based businessman Tahir Lakhani lied about his assets and inflated his personal wealth to secure $45m in funding for a now-collapsed ship recycling venture, according to an English High Court ruling.

Spreadsheets suggest Lakhani added millions of dollars to his wealth and included family-owned property in a $46m personal portfolio so lenders would accept him as a guarantor for loans to buy ships for recycling, a judge ruled.