DistantNews
Support us
🇳🇬 Nigeria /Crime & Justice

UK businesswoman jailed over £216,250 Covid loan fraud

From The Punch · () English

Summarized and contextualized by DistantNews.

At a glance

News Named sources Outcome reported
  • A UK businesswoman has been sentenced to over two years in prison for fraudulently obtaining £216,250 through the government's Covid-19 Bounce Back Loan Scheme.
  • Rupali Wagh used false applications across four companies, inflating turnover and securing duplicate loans to pay off personal debts and buy stocks.
  • The Insolvency Service investigated the case, emphasizing their commitment to prosecuting Covid fraudsters.

A Cardiff businesswoman, Rupali Wagh, has been sentenced to two years and three months in prison for defrauding the UK government's Covid-19 Bounce Back Loan Scheme. The 50-year-old secured a total of £216,250 through five false loan applications made across four of her companies between May and September 2020.

Rupali Wagh systematically targeted a scheme designed to help genuine businesses survive the pandemic.

— David SnasdellChief Investigator at the Insolvency Service, commenting on the fraud.

Wagh systematically inflated the turnover of her businesses and obtained duplicate loans for companies that had already received funding. She then used a significant portion of the illicit funds to settle personal debts and purchase stocks and shares. Her fraudulent activities came to light following an investigation by the Insolvency Service.

She lied about her turnover, obtained duplicate loans for the same businesses, and used the funds to pay off personal debts and buy stocks and shares.

— David SnasdellChief Investigator at the Insolvency Service, detailing Wagh's fraudulent methods.

David Snasdell, Chief Investigator at the Insolvency Service, stated that Wagh targeted a scheme designed to support genuine businesses during the pandemic. He noted her initial attempts to blame others before admitting guilt, emphasizing that "These are serious crimes and the Insolvency Service remains committed to bringing Covid fraudsters like Wagh to justice no matter how long it takes."

When confronted with the evidence, Wagh initially tried to blame someone else before admitting she had acted alone.

— David SnasdellChief Investigator at the Insolvency Service, describing Wagh's reaction to the investigation.

Records show Wagh's first fraudulent application was for £16,250 for One2Four Accounting Ltd in early May 2020, where she claimed a turnover of £65,000, significantly higher than the company's actual £39,000 turnover for the previous year. Within weeks, she transferred the funds to her personal account. She later secured a £50,000 loan for Talensetu UK Ltd by falsely claiming a turnover of £218,000, despite dormant accounts indicating the company was not trading. She also obtained a second £50,000 loan for the same company by falsely declaring it was the sole application under the scheme.

These are serious crimes and the Insolvency Service remains committed to bringing Covid fraudsters like Wagh to justice no matter how long it takes.

— David SnasdellChief Investigator at the Insolvency Service, vowing to pursue fraudsters.
DistantNews Editorial

Originally published by The Punch. Summarized and contextualized by our editorial team with added local perspective. Read our editorial standards.

More Stories

From Our Blog