COVID: In the United Kingdom, unrelenting fraud in state-guaranteed loans

Spend state-guaranteed loans to renovate your home, pay yourself a salary, pay off the debts of your loved ones, and even…gamble. Two years after pulling “whatever it takes” to save the economy in the face of Covid, the United Kingdom unearths the extent of state aid fraud. In Huddersfield, in the north of England, the company Brunch Box, which was created in 2019, borrowed £50,000 through a scheme of loans to SMEs, “bounce back loans” (“rebound loans”) with no turnover. Before the liquidation of the company, both the leaders transferred a part of this amount to their account.

In Croydon, London’s southern suburbs, Mascot Consulting won a £50,000 loan, which should have normally been capped at £31,000 (25% of the turnover). Its leader “spread money into personal expenses such as renovation work in his main residence”, is this indicated in a notice published by the British body in charge of bankruptcy. In Dunfermline, Scotland, the manager of Beautiful Digital Events used his loan to buy a personal car in July 2020 for £6,499, then another vehicle a month later for £12,600.

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About the Author: Forrest Morton

Organizer. Zombie aficionado. Wannabe reader. Passionate writer. Twitter lover. Music scholar. Web expert.

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