A Cardiff businesswoman has been jailed for two years and three months after fraudulently obtaining £216,250 through the UK government’s Covid-19 Bounce Back Loan Scheme.
Rupali Wagh, 50, secured five government-backed loans between May and September 2020 by submitting false applications across four companies.
According to the Insolvency Service, she inflated company turnover, obtained duplicate loans for businesses that had already received funding and falsely claimed the money would be used for business purposes.
Investigators found that much of the money was transferred into her personal bank account, where it was used to repay personal debts, purchase stocks and shares, and transfer funds overseas.
Wagh pleaded guilty to five counts of fraud before being sentenced at Merthyr Tydfil Crown Court following an investigation by the Insolvency Service.
Officials said her fraudulent applications involved One2Four Accounting Ltd, Talensetu UK Ltd, White Coconut Ltd and Indian Canteen Ltd.
The Insolvency Service also revealed that Wagh initially attempted to blame another person during the investigation before admitting she had acted alone.
Authorities are now seeking to recover the fraudulently obtained funds under the Proceeds of Crime Act 2002.
