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- The BBC revealed how criminal gangs had set up fake companies to claim loans. Up to 60% of emergency pandemic loans made under the Bounce Back scheme may never be repaid, a report by the government's spending watchdog says. The National Audit Office (NAO) said taxpayers could lose as much as £26bn, from fraud, organised crime or default.
www.bbc.com/news/business-54432916
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Are gangs causing a 'bounce back' loan crisis?
Did gangs set up fake companies to claim loans?
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What is the bounce back loan fraud?
Mar 10, 2023 · In 2020, the gang used scores of bogus companies to take advantage of the then-Chancellor Rishi Sunak's Bounce Back Loan scheme. Any small company could apply for up to £50,000 of...
Oct 7, 2020 · The BBC revealed how criminal gangs had set up fake companies to claim loans. Up to 60% of emergency pandemic loans made under the Bounce Back scheme may never be repaid, a report by the...
Sep 30, 2020 · The BBC revealed how criminal gangs had set up fake companies to claim loans. The government was warned in May that its flagship loan scheme to help small firms affected by Covid was at "very...
Dec 23, 2021 · Two men have been jailed for a total of 33 years for running a £70m money laundering scheme, £10m of which came from fraudulent Covid loans. Artem Terzyan, 38, from Russia and Deivis ...
Working with an undercover investigator we learned that criminal gangs were exploiting the system. They stole the identities of real people, set up fake companies and claimed the maximum £50,000.
Feb 16, 2022 · Prosecutors outlined how two members of the gang had made use of £145,000 they had secured in bounce back loans.
May 31, 2020 · UK banks are warning that up to half of the £18.5bn of “bounce back” coronavirus loans are unlikely to be repaid and are lobbying the chancellor to prepare for the collapse of hundreds of...
