Read on for the details of how this outrageous Bounce Back Loan blagger ended up with his 12 year ban.
Superwadhwa Ltd
Mr Pal Singh Wadhwa (‘Mr Wadhwa’) caused Superwadhwa Ltd (‘Super’), to breach the terms and conditions of the Bounce Back Loan (‘BBL’) scheme by applying for two BBLs in Super when any company (or group of companies) was entitled to only one BBL.
In that:
Mr Wadhwa, in submitting each application for a BBL, self-certified in accordance with the terms and conditions of the BBL scheme that this was Super’s only application for a BBL and that Super was not in the process of applying for nor already received a BBL, or any other COVID financial loan support
- Any company, or a group of companies, could apply for a single BBL of between £2,000 to £50,000
- Super was incorporated on 02 September 2019
- On 09 June 2020, Mr Wadhwa applied for a £50,000 loan with Bank A on behalf of Super
- On 10 June 2020, Mr Wadhwa applied for a £50,000 loan with Bank C on behalf of Super, in breach of the terms and conditions of the BBL scheme
- On 24 August 2022, Super entered Creditors Voluntary Liquidation, assets of £2,100 and liabilities of £137,288 including £50,000 owed to Bank A and £50,202 owed to Bank C in respect of the two BBLs
Samandeep & Harsimar Ltd
Mr Pal Singh Wadhwa (‘Mr Wadhwa’) caused Samandeep & Harsimar Ltd (‘SH’) to breach the terms and conditions of the Bounce Back Loan (‘BBL’) scheme by applying for two BBLs in SH, when any company (or group of companies) was entitled to only one BBL.
In that:
- Mr Wadhwa, in submitting each application for a BBL, self-certified in accordance with the terms and conditions of the BBL scheme that this was SH’s only application for a BBL and that SH was not in the process of applying for nor already received a BBL, or any other COVID financial loan support
- Any company, or a group of companies, could apply for a single BBL of between £2,000 to £50,000
- SH was incorporated on 19 December 2013 On 15 May 2020, Mr Wadhwa applied for a £50,000 loan with Bank A on behalf of SH On 23 June 2020, Mr Wadhwa applied for a £50,000 loan with Bank B on behalf of SH, in breach of the terms and conditions of the BBL scheme
- On 26 January 2023, SH entered Creditors Voluntary Liquidation, with assets of £2,400 and liabilities of £315,973 including £48,332 owed to Bank A and £41,307 owed to Bank B in respect of the two BBLs
