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Bounce Back loan fraud occurs when a business or individual illegally secures multiple Covid-era Bounce Back loans or diverts loan funds for personal use, such as gambling or crypto. Haralambos Ioannou was sentenced to 22 months for obtaining two £50,000 loans and spending the second on crypto, gambling and personal payments.
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Illicit use of government Covid relief funds
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Second £50,000 Bounce Back loan used on crypto, gambling and personal withdrawals
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Sentenced to 22 months custody and ordered to pay £40,000 restitution; UK Insolvency Service handled the case
Bounce Back loan fraud: Sentenced for using a second £50,000 loan on crypto and gambling — read the facts and what happened next. Learn more.
What is Bounce Back loan fraud?
Bounce Back loan fraud is the illegal securing or misuse of the UK government’s Covid Bounce Back loans, typically by obtaining more than one payment or diverting approved business relief funds to personal investments such as crypto or gambling. Convictions often involve restitution and custodial sentences.
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How did Haralambos Ioannou obtain and misuse the loan?
Haralambos Ioannou of Edlesborough was approved for two £50,000 Bounce Back loans during summer 2020, though businesses were permitted a single payment. He properly used the first £50,000 for his glazing firm, then redirected the second £50,000 to crypto investments, gambling sites, cash withdrawals and payments to his ex-wife.
According to the UK Insolvency Service, about £8,000 was transferred to “investment and crypto investment” companies and roughly £25,000 went to gambling companies. Ioannou, 49, was sentenced to 22 months in custody and 150 hours of unpaid work, and ordered to pay £40,000 in restitution.
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Frequently Asked Questions
How common was misuse of Covid-era loans?
During 2020 lockdowns, some businesses and individuals misused relief schemes, including securing duplicate Bounce Back loans or diverting funds to personal investments. Regulatory reviews and prosecutions increased as authorities tracked misuse.
What restitution did the court order?
Ioannou was ordered to repay £40,000. Restitution addresses the amount lost to the business relief scheme and is separate from any custodial sentence or unpaid work requirement.
Key Takeaways
- Legal consequence: Conviction for Bounce Back loan fraud can result in prison, unpaid work and restitution.
- Financial misuse: The case involved £50,000 loans, with £8,000 going to crypto and £25,000 to gambling.
- Prevention: Proper documentation, transaction monitoring and reporting reduce the risk of loan misuse.
Conclusion
This case highlights the legal and financial risks of misusing Covid-era business relief loans and underscores the need for strict compliance and oversight. COINOTAG reports that authorities such as the UK Insolvency Service continue to investigate and prosecute misuse to protect public funds and legitimate businesses. Stay informed and ensure clear records when handling government relief funds.
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Published: 2025-10-09 | Author: COINOTAG | Updated: 2025-10-09
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