Two jailed for exploiting coronavirus (COVID-19) Bounce Back Loans

Two jailed for exploiting coronavirus (COVID-19) Bounce Back Loans

The Metropolitan Police has announced the conviction of two individuals who fraudulently exploited the government’s Coronavirus Bounce Back loan scheme using the identities of eight innocent people to obtain £489,000.

According to the Metropolitan Police (Met), both co-defendants plead guilty at Southwark Crown Court. Timilehin Yvette Olasemo was sentenced to three years and two months imprisonment for conspiracy to commit fraud by false representation and Olufumi David Akinneye was sentenced to five years and six months imprisonment for conspiracy to commit fraud and conspiracy to money launder.

The Met has stated that the Coronavirus Bounce Back loan scheme is designed for rapid processing of claims, which limits the thoroughness of security checks. Olasemo exploited this weakness to create fake businesses using the identities of innocent people, obtained by accessing employee records in the course of her employment. The loans were paid into business bank accounts before being dispersed to mule accounts for cash withdrawals.

Akinneye provided Olasemo with guidance regarding the laundering of the funds and safe addresses to use for correspondence. Akinneye also acted as a middleman in between people willing to sell their bank accounts and fraudsters who needed mule accounts, and was engaged in Romance Fraud.

Source: Two jailed for fraudulently claiming Covid Bounce Back loans

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