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How we can help
The Bounce Back Loan Scheme (BBLS), introduced in March 2021, was implemented to help businesses that had suffered as a result of COVID-19. Billions of pounds were made available to UK businesses. However the low level of regulation and the process (self-certification) made it a target for fraudsters. Estimates vary but it has been suggested that BBLS fraud cost the government £3.5bn.
Types of fraud under the bounce back loan scheme
The main types of fraud were those committed by organised gangs who set up fake businesses or made multiple applications for loans.
The exaggeration of turnover as means of obtaining funds was a less structured attempt at fraud but still a criminal act. Even in non-pandemic times, an attempt to obtain a loan by presenting false information might result in criminal proceedings
If you have been charged with fraud by way of false representation under the Fraud Act 2006 or any other type of offence following an application for a Bounce Back Loan under the Covid 19 scheme you could be facing a prison sentence and an order to repay the amount defrauded.
Impact of prosecution for fraud
Ten years is usually the maximum sentence and, if this is your first conviction, the matter can be dealt with at the magistrate’s courts.
A conviction for fraud will have a long-lasting impact on your life; you might lose your job or have trouble finding employment. You might be refused a mortgage or other form of loan or funding. The courts also have the power to disqualify you from being a company director.
For so many reasons it is crucial that you have an experienced and expert solicitor representing you. Having the right solicitor might mean the difference between a fine and going to prison and in the right circumstances, can lead to the charges being dropped before a case even gets to court.
Most people charged with fraud by way of false representation in relation to bounce-back loans are not career criminals but opportunists who have done something stupid; we understand this and will take account of this when setting out your defence. For many, it will be the first time they have been the subject of a criminal investigation resulting in worry, stress, and concern. Again, we understand this and will advise and assist you every step of the way.
Charged with bounce-back loan fraud?
If you have been charged with an offence of fraud in relation to your loan or even your application for a loan you want to make sure that you have the best possible representation.
