Rupali Wagh Jailed for Defrauding Government of £200,000 in Covid Loan Scheme

A company director has been jailed for defrauding the government's Covid-19 bounce back loan scheme of more than £200,000. Rupali Wagh, 47, received a 32-month prison sentence at Preston Crown Court.

Wagh, from Bolton, pleaded guilty to two counts of fraud by false representation. Investigators revealed she made fraudulent applications for bounce back loans for two of her companies, vastly inflating their reported turnover to secure a larger sum of money than they were legitimately entitled to receive.

The fraudulently obtained funds, totalling £202,000, were not used to support her businesses as intended by the scheme. Instead, Wagh diverted the money into stock market investments. The Insolvency Service, which investigated the case, confirmed that Wagh’s actions constituted a deliberate abuse of a system designed to aid struggling businesses during the pandemic.