Indian-origin woman sentenced to 2 years for fraud in UK
An Indian-origin woman, who pleaded guilty to fraud over illegally obtaining five loans being offered by the state to support businesses at the height of the Covid pandemic, has been sentenced to over two years in jail by a UK court.
Rupali Wagh, 50, applied for a total of 216,250 pounds in Bounce Back Loans for her four companies between May and September 2020 by inflating the turnover of her businesses. She used some of the funds to buy stocks and shares and paying off personal finance, in clear violation of the terms. She was sentenced to two years and three months imprisonment in Wales on Friday.
“Rupali Wagh systematically targeted a scheme designed to help genuine businesses survive the pandemic,” said David Snasdell, Chief Investigator at the Insolvency Service UK.
“She lied about her turnover, obtained duplicate loans for the same businesses, and used the funds to pay off personal debts and buy stocks and shares. When confronted with the evidence, Wagh initially tried to blame someone else before admitting she had acted alone,” he said. “These are serious crimes and the Insolvency Service remains committed to bringing COVID fraudsters like Wagh to justice no matter how long it takes,” he added.
The businesswoman, based in Wales, pleaded guilty to five counts of fraud when she appeared at Cardiff Crown Court in November last year and was sentenced at Merthyr Tydfil Crown Court on Friday.
