Probes Into COVID Loan Fraud Up 50%, Law Firm Says

By Banking News on May 24, 2021

Law360, London (May 24, 2021, 4:27 PM BST) — A leading law firm urged the authorities on Monday to closely monitor investigations into state-backed loans for pandemic relief fraud as it emerged that the City of London Police is probing a 50% jump since January in this kind of crime.

The running total of probes launched by City of London Police into possible fraud concerning Bounce Back Loans stood at 28 as of March 2021, up from the 26 in February and 17 in January, law firm RPC said.

People convicted of abusing the scheme could face a heavy prison sentence, but there is a huge backlog of criminal cases,…

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Probes Into COVID Loan Fraud Up 50%, Law Firm Says

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