An astonishing case has come to light involving a contractor who managed to secure a hefty Covid loan, only to lose it in a cryptocurrency scam. The result? A hefty fine and a suspended jail sentence.
The self-employed builder from Hounslow, West London, Lukasz Nowak, claimed the maximum loan amount offered by the government under the Bounce Back Loan Scheme in October 2020. However, it was later discovered that the turnover of his business was significantly less than what he had stated on his application.
Instead of using the loan to financially support his business, Nowak decided to invest the entire amount into cryptocurrency through an online broker, which ultimately led to his bankruptcy.
After admitting to his fraudulent activities, Nowak was handed a 20-month suspended jail sentence and ordered to pay back a substantial amount in restitution to the bank.
It’s clear that abusing schemes designed to support those in need will not be tolerated, and Nowak’s case serves as a reminder of the consequences of such actions.
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Tagged with: Covid loan
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