Covid Fraud ‘Shocking’ Says S F O

[FatticusInch]

https://www.bbc.co.uk/news/business-62338308

More than 16,000 businesses which took out a type of government-backed Covid loan have gone bust without paying the money back, the BBC has found.
Hundreds of directors, who got loans they were not entitled to, have also been disqualified.
The cost to the taxpayer of these insolvencies could be as much as £500m, and is likely to grow as more companies go under.
Questions are now being asked about what is being done to recoup the money.
The figures, obtained by the BBC under a Freedom of Information request, have been described as "shocking" by a former head of the Serious Fraud Office.

No wonder we’re in such a state. Diabolical.

[jno]

sounds like Major Bloodnok administering the regimental oath: "Open your wallets and say after me 'Help yourself'."

[THECORBYLOON]

In December last year, the National Audit Office (NAO) estimated that of the £47 billion paid from the Bounce Back Loan Scheme, £17 billion is, "the [Department for Business, Energy & Industrial Strategy's] estimated, but highly uncertain, value of losses from loans that will not be repaid (31 March 2021)"

https://www.nao.org.uk/wp-content/uploads/2021/12/The-Bounce-Back-Loan-Scheme-an-update.pdf

That's more than a third of the amount paid out.

It appears something went awry somewhere in the process...

[douglas9401]

Too embarrassing to deal with properly, move on for the sake of the country.
Other examples of ineptitude and criminal negligence are available.

[MrsCheese]

Biggest money laundering fraudsters are our own government.

[bobbinwales]

If nothing relevant to say ... Best to say nothing mrsmccheese

[roopower]

It was no secret that a great many businesses claimed money they were not entitled to.

[gulliver1]

07.15 Mrs Cheese, Spot on They want throwing in jail,
the whole lot of them.

[schippiegalette]

//More than 16,000 businesses which took out a type of government-backed Covid loan have gone bust without paying the money back, the BBC has found.//

Do you seriously think all these businesses who took out loans went bust on purpose?

//Questions are now being asked about what is being done to recoup the money.//

Are they? Good Luck to anyone trying to re-coup money from a Bankrupt.

The Government should try and recoup some of the millions of pounds wasted on PPI, contracted from their buddy mates, which wasn't up to standard

[FatticusInch]

bobbinwales
//If nothing relevant to say ... Best to say nothing mrsmccheese//

The irony……

[Hymie]

The government is going to spend millions investigating this fiasco; whereas they could find all they need to know for the cost of a Private Eye subscription.