3 months ago
2
An Indian-origin brag of a London printing steadfast has been convicted of illegally obtaining a 2nd indebtedness for his company, erstwhile businesses were lone entitled to 1 nether the U.K. government’s COVID-19 Bounce Back Loan scheme.
Prashant Jobanputra, 41, was sentenced to 18 months successful prison, suspended for 18 months, astatine the Old Bailey tribunal successful London connected Tuesday (January 27, 2026), the U.K.’s Insolvency Service said successful a statement.
He was besides disqualified arsenic a institution manager for 3 years and fined 5,000 pounds.
“Prashant Jobanputra fraudulently applied for 2 Bounce Back Loans erstwhile the rules were wide – businesses were lone allowed one,” said David Snasdell, Chief Investigator astatine the Insolvency Service.
“We volition beryllium conducting further investigations to retrieve the remaining funds. Tackling COVID enactment strategy maltreatment remains a cardinal precedence for the Insolvency Service and we volition proceed to way down and prosecute fraudsters who stole from the nationalist purse during a nationalist emergency,” helium said.
According to investigators, Mr. Jobanputra applied for 2 50,000 pounds Bounce Back Loans for his printing concern named Genesis Web Limited, wrong a five-day play successful 2020 astatine the tallness of the COVID-19 pandemic.
He is said to person “fraudulently declared” connected the 2nd exertion that this was the lone Bounce Back Loan helium had applied for.
He has since repaid 15,371 pounds of the 2nd indebtedness successful November 2025, with the remaining 35,000 pounds being pursued by the Insolvency Service nether the U.K.’s Proceeds of Crime Act 2002.
Genesis Web Limited was registered with the U.K.’s Companies House successful November 2004, with Mr. Jobanputra logged arsenic director.
The institution printed photos onto personalised items for some businesses and idiosyncratic customers, producing them successful ample quantities.
He was recovered to beryllium the sole manager of the institution erstwhile helium applied to a abstracted slope for the 2nd Bounce Back Loan successful July 2020.
In interviews, Mr. Jobanputra said his institution was severely affected by the pandemic and that helium did not work the indebtedness statement which intelligibly stated that businesses were lone entitled to a azygous Bounce Back Loan, the Insolvency Service stated.
Genesis Web Limited went into liquidation successful October 2021 and was dissolved successful March 2024.
The Bounce Back indebtedness strategy was launched during the COVID lockdown play by the past U.K. chancellor, Rishi Sunak, to assistance tiny and medium-sized businesses get betwixt 2,000 and 50,000 pounds, astatine a debased involvement rate, guaranteed by the British government.
These loans were made connected the information that they were utilized to acquisition a institution plus to supply an economical payment to the business.
The wealth lent to the institution nether the now-dissolved strategy was required to beryllium paid backmost implicit six oregon 10 years, with payments starting 12 months aft the institution received the loan.
If the wealth borrowed by a institution was not repaid oregon it was progressive successful misconduct, past the firm’s directors faced the imaginable of an probe by the Insolvency Service.
