Two company directors banned for Covid loan scams

 Two company directors banned for Covid loan scams

An investigation by the Insolvency Service found that the two men fraudulently obtaining Covid-19 Bounce Back Loans.

Muneef Ihsan, 26, from Rotherham, was director of three companies between 2019 and 2020. All three (Porthart Ltd, Bargain Basement 90 Ltd and Bargains Basement 90 Ltd), were registered at the same residential address in Rotherham. All three firms were each placed into voluntary liquidation by Ihsan in September 2020.

The liquidations triggered an investigation by the Insolvency Service, which found that Ihsan opened a bank account for each company in June 2020, after the pandemic began, for the sole purpose of fraudulently obtaining three £50,000 Covid-19 Bounce Back Loans.

As there was no evidence that any of the companies had ever traded, none of them were eligible for the loans, which the government made available for genuine firms that were struggling during lockdown.

Upon receiving the funds,…

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