A Cardiff businesswoman has been jailed for over two years after fraudulently obtaining £216,250 through the UK’s Covid-19 Bounce Back Loan Scheme using five false applications across four companies.
UK Businesswoman Jailed Over £216,250 Covid Loan Fraud
Rupali Wagh, 50, secured the loans between May and September 2020 by inflating turnover figures and obtaining duplicate loans for companies that had already received funding, according to Punch Newspapers.
She pleaded guilty to five counts of fraud and was sentenced to two years and three months at Merthyr Tydfil Crown Court following an Insolvency Service investigation. Wagh used much of the funds to settle personal debts and buy stocks and shares, transferring over £25,000 to an account in India.
Investigators said she initially tried blaming a third party before admitting she acted alone. The Insolvency Service is now seeking to recover the funds.
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