Bounce Back Loan Fraud Investigations: Fraud Defence Solicitors
To discuss your requirements please contact Jeremy Scott on 07971520407
If you are being investigated for fraud or any other wrongdoing in relation to a Bounce Back Loan you should get legal help immediately. At Lupton Fawcett, we combine our expert knowledge with the highest levels of client care to provide you and your business with a robust and effective criminal defence service.
Hailed as the saviour of small businesses, the Bounce Back Loan Scheme (BBLS) was intended to help businesses adversely impacted by coronavirus to avoid insolvency.
Huge sums of money have been paid out through the scheme, but there are major concerns that the self-certification process and light touch checks to determine eligibility have led to a major exploitation of the system.
Some estimates are that 1% of all Bounce Back Loan applications are fraudulent, meaning something in the region of £400,000,000 of taxpayers’ money could have been obtained illegally. Other estimates put the figure as high as £23bn.
The National Crime Agency, police and other agencies are focussing their full attention on all allegations of fraud and wrongdoing, investigating cases across the country with increasing speed and determination.
If you are unsure about your position with your Bounce Back Loan or have become aware of an investigation, you should seek professional help. Whether you face an investigation for fraud, may have to repay the money in the future, or if your business has trading difficulties and may need to enter a formal insolvency procedure, it is far better to deal with the situation while you still can.
Speak to a professional business crime lawyer at Lupton Fawcett for confidential advice today by calling the number at the top of this page, or by leaving your contact details in the enquiry form and we will call you back.
What are the consequences of bounce back loan fraud?
Government agencies have been very clear that deliberate cases of fraud can expect the full force of the law. They are keen to publicly expose individuals and businesses that have abused the schemes during a time of crisis. Those first to be investigated and prosecuted face significant reputational damage, in addition to criminal penalties.
The National Crime Agency has said they will examine cases of serious and organised crime linked to the scheme, and help banks detect fraudulent applications. The operation is also likely to impact genuine claims with businesses being pressed for evidence in their defence.
If you have any concerns at all about this we recommend you get in touch as soon as possible to discuss your situation, so we can help you to understand your position more clearly.
The consequences of Bounce Back Loan fraud are serious. The penalties may include a prison sentence, a fine or both.
If you have taken out one or more Bounce Back Loans for your business, believe you may have made an error on the application, or you are facing an investigation for fraud, contact us today for specialist advice.
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What is the bounce-back loan?
Attracted by the low barriers to entry, the simple application form, attractive terms, and motivated in many cases by genuine fear/high levels of uncertainty, hundreds of small businesses jumped at the opportunity of a lifeline.
In fact, over 1.4 million businesses borrowed almost £45 billion between May 2020 and February 2021.
The scheme allows eligible applicants to borrow up to £50,000 interest-free for 12 months with only 2.5% interest per year thereafter for 5 years, and an option to extend the repayment period to 10 years.
The Scheme was intended to provide quick and easy access to low-cost funding to support the cash flow of a business adversely impacted by coronavirus With major concerns over the levels of fraud that may be involved in the Bounce Back Loan Scheme, there will be intense scrutiny over the coming months, and it is possible that even innocent businesses may find themselves wrongly under investigation.
However misguided an investigation may be, such a thorough examination by the authorities could involve a great deal of stress, financial cost, and potentially a damaged reputation for those concerned.
If you find yourself in this situation, you need the best business defence lawyers to support you during the course of the investigation, you should not hesitate to contact Jeremy Scott at Lupton Fawcett today for a free, no-obligation, private, and confidential initial consultation.
Lupton Fawcett’s team of Business and Financial Crime Solicitors are highly regarded for successfully defending businesses and individuals facing investigation or prosecution for all types of fraud offences.
If you fear that mistakes may have been made on your Bounce Back Loan application, or if you are accused of Furlough Fraud, Lupton Fawcett can provide comprehensive support, specialist legal advice, and skilful representation.
Our team is led by Jeremy Scott who has 25 years’ experience of defending companies, their directors and other senior employees when facing regulatory criminal investigation or prosecution.
At such a critical time for the reputation and future of you and your business, it is imperative that you choose the right lawyers to advise and represent you. Lupton Fawcett, ranked in The Legal 500 for Regulatory Law, is known for winning cases that other firms would lose.
Part of a nationally recognised full-service law firm, we are able to assemble a multi-disciplinary team to support you through a criminal regulatory investigation or prosecution with the utmost care.
We also understand that business has to continue as, so our approach is always highly commercial, putting business continuity at the heart of our advice and representation whenever possible.
Within every area of law, we put your interests first.
Our Bounce Back Fraud Solicitors act regularly for corporate clients across England and Wales including Bradford, Birmingham, Hull, Leeds, Liverpool, London, Manchester, Sheffield, York, and Nottingham.
We can support your needs wherever you live in England or Wales
It is essential that any business or individual facing investigation takes advice at the earliest possible opportunity in order to avail themselves of the best possible defence. With this in mind, our Bounce Back Loan team, headed by Jeremy Scott, can be contacted 24/7 on 07971 520407 without any obligation.
We will always respond promptly, and we will be happy to help.