More than half of the company directors who were disqualified in Britain in the past 15 months were involved in alleged fraud or abuse of Covid-19 financial support schemes, according to official figures. Between April 2020 and June 2021, 1,200 directors were disqualified, with 611 cases involving abuse of Covid-19 schemes, primarily related to bounce-back loans supported by taxpayers. Around £1.1bn of these loans have been flagged as suspected fraud or error. Concerns have been raised about fraud and abuse of the scheme, including cases where individuals used the loans for personal use such as gambling or buying drugs. The scheme, launched by then chancellor Rishi Sunak, allowed small and medium-sized businesses to borrow between £2,000 and £50,000 at low interest rates. Critics have highlighted the lax checks and poor due diligence associated with the scheme.
Alleged Covid loan fraud sees half of UK company directors being struck off
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