Following an article published by Frances Murray of Rosenblatt’s Financial Crime department on 28th October 2020, the National Crime Agency (NCA) announced it had arrested a 52-year-old man from Hertfordshire in connection with allegations of Bounce Back Loan fraud.
Criminal Proceedings | Rosenblatt’s Financial Crime Team
The NCA said the man was arrested on 27th October 2020 at an address in Hoddesdon, with a search revealing £17,000 in cash and several high value watches.
NCA Branch Commander Simon Gower said: “This arrest is the first by the NCA in relation to potential fraud against the Government’s Bounce Back Loan scheme. The man arrested is suspected of falsely applying for the loan and allegedly using the money on personal items.”
The NCA’s activity follows police arrests made due to suspected criminal activity in relation to Bounce Back loans. In July, two men were arrested by the Metropolitan Police on suspicion of money laundering and fraud over an alleged scam to claim more than £500,000 from the scheme, while in August, a 35-year-old woman was arrested by the Metropolitan Police and Suffolk Police on suspicion of money laundering and fraud in relation to £115,000 of crypto currency believed to be the proceeds of fake Bounce Back loan applications.
If you have made a fraudulent application against the Bounce Back Loan scheme you may be subject to criminal prosecution, with penalties including imprisonment or 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.
https://www.rosenblatt-law.co.uk/services/financial-crime/#white-collar-crime
https://www.rosenblatt-law.co.uk/services/serious-and-general-crime/
