A conman who killed a millionaire and hid her body in a lock up garage in New Malden has today been sentenced to a minimum of 27 years in prison.

Rakesh Bhayani, 41, was convicted yesterday of killing Carole Waugh, a wealthy oil executive and amateur escort, and draining her accounts in order to lead a champagne lifestyle.

At the Old Bailey today he was told he must serve at least 27 years in prison for her murder.

He had already pleaded guilty to perverting the course of justice and conspiracy to defraud.

Co-defendant Nicholas Kutner, 48, of no fixed address, was acquitted of murder but convicted of perverting the course of justice. He was jailed for seven years.

During the Old Bailey trial, the court heard how Bhayani, of Chamberlayne Avenue, Wembley, befriended the "lonely" Miss Waugh, 49, after replying to her online escort advert.

After killing her at her £600,000 flat in Marleybone, central London, Bhayani concealed the body in a black holdall stored in the boot of a recently purchased VW Golf.

He then hired a lock-up garage in Lime Court, New Malden, where the body was discovered on August 2, 2012, approximately three and a half months after Miss Waugh died.

After her death, Bhayani and Kutner - described in court as professional conmen and lifelong gamblers -  went on a spending spree with Miss Waugh's money, even employing women to impersonate the victim to draw out more cash.

Speaking after the convictions, detective chief inspector Justin Davies said: “Carole Waugh’s murder was the senseless killing of a woman who put her trust in people she thought were her friends.

"Bhayani clearly had no intention of friendship with Carole and his motivation was clearly her money.

"Bhayani is a confidence trickster who murdered her with the sole intention of stripping her assets and the belongings she had worked hard for.

"Both men are compulsive liars who have deceived and defrauded their own families, friends and acquaintances throughout their entire adult lives. They went to extreme lengths to defraud Carole.”

"Her body was placed in a boot of a car and left for months in car parks and a lock-up garage.

“Both men did not waste any time in spending her money, using it to buy gold, use prostitutes and live a champagne lifestyle.

"Ms Waugh was a wealthy woman, her years of hard work both in the UK and abroad were squandered in matter of three months.

“They took almost everything she worked for with exception of two bracelets which remained on her body. These were difficult to prise off her wrists and I have no doubt if able to, they would have taken these items too.”