Read on for the details of this double BBL Blagger.
Mr Syed Saqib Abbas (“Mr Abbas”) caused Orbit Moving Limited (“Orbit”) to apply for a government backed Bounce Back Loan (“BBL”) of £50,000 that it was not eligible for, having applied for a previous BBL for £50,000 on 21 May 2020 from a different lender.
Mr Abbas knew or ought to have known that Orbit was not entitled to the second BBL.
In that:
- On 21 May 2020?Mr Abbas applied for a BBL of £50,000 from Bank A on behalf of Orbit which was paid into Orbit’s bank account on 25 June 2020
- On 09 June 2020 a second BBL was applied for with a different lender resulting in a payment of £50,000, which was paid into Orbit’s bank account held with Bank B on 10 June 2020.
- The BBL terms and conditions for both banks required the applicant to self-declare that they had not made any other application for a Bounce Back Loan for the business.
- Mr Abbas falsely declared that Orbit had not previously applied for a BBL with another lender.
- Orbit entered Creditors Voluntary Liquidation on 18 January 2023 At liquidation Orbit owed £106,288 of which £101,446 was owed to banks in respect of BBLs.
