Three London city workers arrested amid fraud probe into coronavirus bounce back loans of £6 million

Three men who worked for the same London financial institution have been arrested as part of an investigation into fraudulent coronavirus bounce back loans totalling £6 million.

The city workers are suspected of using their “specialist knowledge” to carry out the scam, said the National Crime Agency (NCA).

Two of the suspects, aged 30 and 31, were arrested at their office by members of the NCA’s Complex Financial Crime team, while the third, aged 30, was arrested at an address in Camden.

Gary Cathcart, head of financial investigation at the NCA said: “Ensuring the integrity of the financial sector is a vital part of our work to tackle illicit finance.

“Professional enablers who use their specialist knowledge to facilitate criminal activity represent a significant threat, and the NCA will continue to work closely with our partners to target anyone involved in fraud.”

The Government’s bounce back loan scheme was introduced in May to give small and medium-sized firms access to low-interest finance quickly.

Companies can borrow between £2,000 and up to 25 per cent of their turnover up to a maximum of £50,000.

By Amy Roach, Evening Standard, 24 January 2021

Read more at Evening Standard

Source: riskscreen.com