Carole Waugh murder: Conman Bhayani jailed for 27 years 28 November 2013 Last updated at 13:08 A serial conman has been sentenced to life in prison after he was found guilty of murdering a wealthy woman. Rakesh Bhayani, 41, from Wembley, north London, was ordered at the Old Bailey to serve a minimum of 27 years. Carole Waugh, 49, was stabbed in her flat in Marylebone, central London, last year. Her body was found in a garage in south London months later. Sentencing Bhayani, Mr Justice Wilkie said he "ruthlessly targeted" Ms Waugh and "left her body to rot." Co-accused Nicholas Kutner, 48, from Kentish Town, north London, who had been cleared of murder but found guilty of perverting the course of justice by concealing Ms Waugh's death, was jailed for a total of 13 years. He was sentenced to seven years for perverting the course of justice by concealing the death and six years for conspiracy to defraud. Bhayani was also sentenced to six years for perverting the course of justice and six years for conspiracy to defraud - both of which will run concurrently with his life sentence. Stabbed in neck Mr Justice Wilkie said the murder and subsequent dumping of the body was done with "greed, callousness and total lack of any regard" for her. The murder had arisen "out of an argument about money," and the judge described Ms Waugh as a "risk-taker and manifestly vulnerable to conmen." "Without a second thought, you calmly and comprehensively set about stealing her identity," Mr Justice Wilkie said. You took steps to ensure her body would not be found for a sufficient time. The judge said Bhayani embarked on the complete "asset-stripping of her persona." Ms Waugh's family were in court for the sentencing and heard the murder was "not premeditated or pre-planned." Bhayani denied murder but admitted perverting the course of justice and conspiracy to defraud. Police described Bhayani as "a confidence trickster who murdered her with the sole intention of stripping her assets and the belongings she had worked hard for." During the trial, prosecutors told the jury that "the evidence strongly suggests" Ms Waugh, originally from Durham, was stabbed in the neck at home on 16 April 2012. She considered Bhayani a friend and had visited him in prison, lending him about £40,000, the court was told.