On 23rd January 2021, the National Crime Agency (NCA) announced it had arrested three men in connection with a £6m Bounce Back Loan fraud investigation.
Criminal Proceedings | Rosenblatt’s Financial Crime Team
The NCA said officers from its Complex Financial Crime Team arrested two of the men, a 30-year-old from Camden and a 31-year-old from Mitcham, at their office. A third man, aged 30, was arrested at an address in Camden.
The £6m in fraudulent claims are believed to have been made through falsifying data and documents. The suspects have been released after searches and interviews while the NCA’s enquiries continue into the extent of the activity and whether others are involved.
Gary Cathcart, Head of Financial Investigation at the NCA said: “Ensuring the integrity of the financial sector is a vital part of our work to tackle illicit finance. Professional enablers who use their specialist knowledge to facilitate criminal activity represent a significant threat, and the NCA will continue to work closely with our partners to target anyone involved in fraud.”
The NCA has previously undertaken investigations into suspected criminal activity in relation to Bounce Back loans. In October 2020 it arrested a 52-year-old man from Hertfordshire after a search at an address in Hoddesdon revealed £17,000 in cash and several high value watches.
Fraudulent applications against the Bounce Back Loan scheme may be subject to criminal prosecution, with penalties including imprisonment, a fine or both.
Rosenblatt can help
Rosenblatt has a wealth of experience in financial crime and is uniquely placed to support clients that are the subject of a National Crime Agency investigation having being involved in some of the most high profile investigations into multi-million-pound, cross jurisdictional fraud cases in the UK.
