Director banned after securing Covid loans for takeaway and parcel delivery company which never traded

[TrueBlueTerrier]

https://www.gov.uk/government/news/dire ... ver-traded

He made false statements on his applications for Bounce Back Loans

Adam Ebrahim set up two companies which were intended to be a takeaway and separate business delivering packages, but neither began trading

Despite this, Ebrahim made two false applications for Covid Bounce Back Loans in 2020, claiming the companies had annual incomes of hundreds of thousands of pounds

Ebrahim has been banned as a company director until April 2038 following investigations by the Insolvency Service

A director has been banned after securing £100,000 in Covid support funds for a takeaway and delivery company which never traded.

Adam Ebrahim was the director of Chicken Grill Cottage Ltd and Presto Delivery Ltd, which had registered office addresses in Uxbridge and the Docklands area of London.

Ebrahim falsely claimed that the two companies had a turnover of £400,000 and £235,000 when he made the applications for Bounce Back Loans in 2020.

He then transferred the loan funds to his personal account, breaking the rules of the scheme again.

Ebrahim, of Trevelyan Gardens, London, was banned as a director for 13 years at a hearing of the High Court in London on Tuesday 18 March.

His ban started on Tuesday 8 April.

The 41-year-old was also ordered to pay £9,555 in costs.

Kevin Read, Chief Investigator at the Insolvency Service, said:

Adam Ebrahim exploited the Bounce Back Loan Scheme by securing two maximum-value loans for companies which never began trading.

Ebrahim made matters worse by pocketing the funds when the loans were not supposed to be used for personal purposes.

Tackling Bounce Back Loan misconduct remains a key priority for the Insolvency Service more than five years on from the start of the pandemic and we will continue to take action against those who stole from the public purse during a national emergency.

Ebrahim made the false applications to two separate banks for £50,000 Bounce Back Loans for Chicken Grill Cottage in May 2020 and Presto Delivery in September of that year.

Both companies were incorporated in 2019 but never began trading.

Chicken Grill Cottage and Presto Delivery entered liquidation on the same day in June 2022 owing more than £100,000 combined.

The disqualification order prevents Ebrahim from being involved in the promotion, formation or management of a company, without the permission of the court.

[POSTMAN]

No prison sentence for a lot of them, what's the f***ing point...
https://mrbounceback.com/

[Londonsburning]

These people are just playing the game. Corrupt to the core same as every other individual/company who is making massive profits off of the general public through abject lies. Ring any bells?? Lol