London Fraudster Jailed for Covid-19 Loan Fraud
A London fraudster jailed after he exploited the Covid-19 Bounce Back Loan scheme. He fraudulently obtained £130,000. He then used part of the money to fund a trading business in Ghana. A court jailed Eric Agyeman. He admitted to fraud and money laundering charges. In fact, he secured the funds through three separate loan applications. His company, DOK Logistics UK Ltd, never actually traded. According to the government’s pandemic support scheme, businesses could receive only one loan.
The Insolvency Service investigated the full extent of the fraud. Investigators found Agyeman fabricated company turnover figures. The figures went up to £375,000. He wanted to secure the loans with these false figures. In interviews, he confessed, “I just made up” the figures. Consequently, his actions showed a complete disregard for the rules.
A court sentenced Agyeman at the Old Bailey on Tuesday, September 9. The court gave him two years and two months in prison. Furthermore, a court disqualified him from serving as a company director for five years. This serves as a warning to other potential fraudsters. Investigators concluded that Agyeman used more than £40,000 of the funds. He used the money to ship goods from the UK to an associate in Ghana. The associate sold the goods there and returned commission payments. Additionally, travellers physically brought proceeds back to the UK in cash.
David Snasdell, Chief Investigator at the Insolvency Service, condemned Agyeman’s actions. He stated that Eric Agyeman “brazenly exploited a scheme.” This scheme was designed to help struggling companies. Agyeman used the funds for a personal business operation. His admission that he simply “made up” the numbers shows a lack of respect. It shows a disregard for taxpayer-funded support. This support was meant for legitimate businesses. The Insolvency Service is now committed to recovering the fraudulently obtained funds. Moreover, officials are pursuing this under the Proceeds of Crime Act 2002. It has been five years since the start of the pandemic. However, the service remains committed to pursuing individuals who unlawfully benefited. Thus, the London fraudster jailed now faces the full weight of justice.
Source: Graphic.com.gh
