UK BOUNCE BACK LOAN FRAUD HITS GBP1.5 BILLION – ADMITS GOVERNMENT
September 30th, 2022
Fraud under the UK Bounce Back Loan Scheme brought in to support businesses during the Covid-19 pandemic with lending being 100% underwritten by the government hit GBP1.5 billion (USD1.7 billion) on July 31, official data has revealed. Of this, GBP1.1 billion (USD1.3 billion) has been flagged as suspected fraud and an additional GBP408.7 million (USD468.4 million) are fraud losses already claimed from the state as guarantor, said a UK government September 5 statement (1): “Checks were put in place from the outset to reduce the risk of fraudulent applications ...
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