A conman "motivated by sheer greed" has been sentenced to life in prison after being found guilty of murdering a wealthy woman.

Rakesh Bhayani, 41, was sentenced to a minimum of 27 years at the Old Bailey for stabbing Carole Waugh to death in her flat following an argument over money before hiding her body in the boot of a car.

Co-accused Nicholas Kutner, 48, was found not guilty of Carole Waugh's murder by a jury at the Old Bailey, but guilty of perverting the course of justice by concealing the death.

Kutner was jailed for a total of 13 years - seven years for perverting the course of justice by concealing the death, and six years for conspiracy to defraud.

The 48-year-old was in the flat when Bhayani murdered Ms Waugh and was then involved with actions to conceal her death and thwart the investigation into her murder.

Rakesh Bhayani was sentenced to a minum of 27 years in prison for murdering Carole Waugh Credit: Metropolitan Police

Sentencing Bhayani, Mr Justice Wilkie said he "ruthlessly targeted" the 49-year-old and "left her body to rot".

The murder and dumping of Ms Waugh's body was done with "greed, callousness and total lack of any regard" for her, the judge said.

Carole Waugh's body was found in the boot of this car in August Credit: Metropolitan Police

After stabbing the 49-year-old to death in her flat in Marlyebone, London, Bhayani placed her body in a bag before it was transferred to a car and initially left in a car park.

The vehicle was then left in a rented garage in New Malden, south-west London.

Ms Waugh's body was left in a rented garage in New Malden, south-west London Credit: PA Wire

Police described Bhayani as a "confident trickster who murdered Waugh with the sole intention of stripping her of her assets and the belongings she had worked hard for".

Police said the both Bhayani and Kutner lived a "champagne lifestyle" in the months after Ms Waugh's murder; spending her money on "hotels, casinos and escorts".

The two conmen used the former oil company worker's identity to defraud banks and other institutions of more than £250,000 worth of assets.

Carole Waugh was stabbed in the neck in her London flat Credit: Family handout

In a tribute to Carole Waugh. her family described her as "loving, supportive and great fun".

The statement, signed by her brother, Christopher Waugh, spoke of the "disbelief, dismay, darkness" as the family had to "face our worst fears" in the wake of the murder.

The family said they always looked forward to Ms Waugh's visits, "especially Mum":

She was loving, supportive and great fun. Her home visits were memorable. She always had great stories to tell. She turned these stories into adventures. We all looked forward to Carole's visits, especially Mum. They would plan shopping trips - nothing special but real quality time between a mother and a daughter. Happy days indeed.

The court heard that five days after Ms Waugh's funeral, her mother collapsed and later died "broken-hearted".