Our team of criminal defence lawyers are experts at handling criminal investigations where businesses and individuals have been accused of Bounce Back Loan fraud.
Whether mistakes were made deliberately or in error, our criminal defence lawyers can help with bounce back loan fraud allegations when a business or individual has been accused of the following:
- Exaggeration of legitimate claims
- Impersonation of legitimate businesses or individuals
- Fraudulently adopting a company established before 1 March 2020 scheme cut off
- Use of ‘money mules’ to take out loans, who then immediately file for bankruptcy
- Making multiple applications across a number of different lenders
We understand that being the subject of a criminal investigation during these unprecedented times can cause tremendous strain. Our criminal defence solicitors are committed to minimising the impact of any investigation whilst protecting the privacy of our clients.
Frequently asked questions
What is Bounce Back Loan fraud?
The Cabinet Office has identified two types of fraud but has not specified which will be prosecuted.
- ‘Soft’ fraud – described by the Public Accounts Committee (PAC) as borrowers who exaggerate ‘otherwise legitimate claims, such as overstating turnover in order to receive a larger loan’.
- ‘Hard’ fraud – the deliberate deceit of the scheme by criminal organisations or others, on a much larger scale.
What are the penalties for Bounce Back Loan fraud?
If court proceedings arise, these may take between 6 and 12 months to be heard in the Crown Court. The above offences attract a range of sentences and orders including:
- Compensation and confiscation orders
- Director’s disqualification
- Serious Crime Prevent Orders (SCPO)
In certain circumstances, civil recovery orders, civil settlements or civil penalties may also be sought.
Fraud and White Collar Crime
Serious Fraud Office
Bribery and Corruption
Investigative Interview under Caution
Dawn Raids (Emergency Service)
Companies Act Offences
Insider Dealing and Market Abuse
Bounce Back Loan Fraud