UK: 2 arrested claiming small business loans


Bounce back loan scam uncovered

By Ryan Fahey For Mailonline
Published: 10 July 2020

Two men are arrested over 'scam to fraudulently claim more than half a million pounds in coronavirus 'bounce-back loans' meant for small businesses'

Alleged fraud uncovered following a drug search on a vehicle in Holland Park
Scotland Yard has orders to freeze 10 bank accounts containing £553,305
Scammers 'met and paid people £300 to open a new bank account or company'

Two men have been arrested over an alleged scam to claim 'bounce back loans' from the Government's scheme to help small businesses affected by the Covid-19 pandemic.

The main suspect, who is in his late 40s, is believed to have recruited people to set up fake companies and bank accounts.

Detectives have got orders to freeze 10 bank accounts containing a total of £553,305 after finding application forms for bounce back loans.

It's believed that the men would pay people £300 to set up a bank account or new business, before collecting the loan, which is designed to help businesses stay afloat during the ongoing pandemic.