Our Bounce Back Loan Scheme Fraud Defence Team
Because we specialise in defending the entire range of criminal fraud charges, our top-rated team of expert fraud defence lawyers repeatedly obtain successful outcomes for our clients.
Whether obtaining acquittals for high profile fraud cases involving celebrities or international politicians or in the biggest UK direct tax fraud ever, our track record of successful criminal fraud defence time-after-time, speaks for itself.
Bounce Back Loan Scheme Fraud | The issues our expert fraud lawyers know
In order to approve the Scheme quicker than usual, the Government imposed less strict eligibility criteria than other business-related loan schemes. Businesses simply had to show that they:
– were based in the UK;
– were established before 1st March 2020; and
– had been adversely impacted by Corona-virus.
Businesses were able to self-certify in relation to other checks, there were no formal credit checks performed by lenders for existing customers, and initially businesses were able to make multiple claims to various banks from individual employees, resulting in numerous claims per business.
These looser checks and balances led to serious concerns for fraudulent applications, including concerns raised about impersonation of legitimate businesses and a lack of proof of legitimate business.
Indeed, The Financial Times reported that over £1 billion in fraudulent applications from almost 27,000 people had been rejected between May-November 2020.