A Cardiff woman has been sentenced to more than two years in prison after fraudulently obtaining more than £216,000 through the UK Government’s Bounce Back Loan Scheme, a programme introduced to help businesses survive the economic impact of the Covid-19 pandemic.
Rupali Wagh, 50, illegally secured five Bounce Back Loans worth a total of £216,250 for four companies between May and September 2020 by providing false financial information and submitting duplicate applications. Investigators found that instead of using the money to support struggling businesses, she diverted much of the funding to pay off personal debts, purchase stocks and shares, and transfer money overseas.
Following a detailed investigation by the Insolvency Service, Wagh pleaded guilty to five counts of fraud at Cardiff Crown Court in November 2025. She was sentenced to two years and three months’ imprisonment at Merthyr Tydfil Crown Court on 17 July.
The case highlights the UK Government’s continued efforts to pursue individuals who abused emergency financial support schemes introduced during the coronavirus pandemic.
David Snasdell, Chief Investigator at the Insolvency Service, said Wagh had deliberately exploited a scheme that was intended to protect legitimate businesses during one of the most challenging economic periods in recent history.
He said she repeatedly misrepresented the financial position of her companies, secured duplicate loans that businesses were not entitled to receive, and used public money for personal financial gain rather than business purposes.
Investigators also revealed that when she was first questioned, Wagh attempted to shift responsibility by claiming that another person had submitted one of the fraudulent loan applications using her computer. She later withdrew that explanation and admitted she had acted alone.
Snasdell stressed that the offences were serious and reaffirmed the Insolvency Service’s determination to continue pursuing those who committed fraud during the pandemic, regardless of how much time has passed.
The investigation found that Wagh’s first fraudulent application was submitted in early May 2020 for One2Four Accounting Ltd, a bookkeeping business established in June 2018.
She claimed the company had an annual turnover of £65,000, enabling her to secure a Bounce Back Loan of £16,250. However, investigators established that the company’s actual turnover for the previous calendar year was only £39,000.
Within weeks of receiving the funds, Wagh transferred the money into her personal bank account. Much of it was then used to clear personal debts and purchase stocks and shares instead of supporting business operations.
The following month, Wagh submitted another application on behalf of Talensetu UK Ltd, requesting the maximum loan available under the scheme, £50,000.
She declared that the company had an annual turnover of £218,000. However, dormant accounts filed for the business covering the period from June 2019 to June 2020 showed that the company was not trading at all.
Investigators discovered that within days of receiving the £50,000 loan, Wagh transferred the entire amount into her personal account. She used the funds to pay personal financial commitments, invest in stocks and shares and transfer more than £25,000 to an account in India.
Rather than stopping there, Wagh submitted a second Bounce Back Loan application for the same company in July 2020 using a different bank, despite businesses being permitted to receive only one loan under the scheme.
She claimed Talensetu UK Ltd had an annual turnover of £225,000, even though she had estimated the company’s expected turnover for the following year at only £72,000 on the bank account application completed the same day.
She also falsely declared that this was the company’s only Bounce Back Loan application.
After the second £50,000 loan was approved in August 2020, investigators found that almost the entire amount was again transferred into Wagh’s personal account and used to purchase stocks and shares while paying off personal financial liabilities.
The fraud continued later that month when Wagh submitted another application for White Coconut Ltd, which operated as an Indian street food business in Cardiff.
She claimed the company generated an annual turnover of £252,000, despite having estimated its future turnover at only £72,000 on banking documents.
Investigators also established that she falsely stated this was the company’s only Bounce Back Loan application, despite already securing an earlier loan of £18,000 for the same business several months before.
Her final fraudulent application came in late September 2020 on behalf of Indian Canteen Ltd, another street food business incorporated earlier that year.
Wagh claimed the company generated an annual turnover of £206,000, despite estimating on banking paperwork that its expected turnover for the following year would be just £82,000.
Part of this final loan was later transferred to White Coconut Ltd, with investigators tracing more than £25,000 moving between the companies.
During interviews with the Insolvency Service, Wagh admitted that she had used the Government-backed loans to repay personal credit card debts and other personal borrowing.
She told investigators she believed reducing her personal financial obligations would ultimately benefit her businesses, an explanation that did not prevent criminal proceedings.
The Bounce Back Loan Scheme was introduced by the UK Government in 2020 to provide rapid financial support to small and medium-sized businesses affected by the Covid-19 pandemic. Eligible businesses could borrow up to £50,000 based on their annual turnover, with Government guarantees enabling lenders to distribute funds quickly.
Because applications relied heavily on self-certified information during the emergency, the scheme became vulnerable to abuse by individuals who deliberately provided false financial details or submitted multiple applications.
Since then, the Insolvency Service, National Investigation Service and other law enforcement agencies have continued investigating suspected cases of fraud, recovering public funds wherever possible and prosecuting offenders who exploited taxpayer-funded support.
In Wagh’s case, the Insolvency Service has confirmed it is now seeking to recover the fraudulently obtained money under the Proceeds of Crime Act 2002, ensuring that assets acquired through criminal conduct can be confiscated wherever possible.
The case serves as a reminder that financial fraud involving public funds carries serious criminal consequences, even several years after the offences were committed. Authorities continue to examine Covid-related financial support schemes to identify fraudulent claims and protect public money.
For Nigerians living in Cardiff and across the UK, this case highlights the importance of honesty and accountability when accessing Government financial support schemes. Public funding introduced during national emergencies is designed to help genuine businesses survive difficult economic conditions, and fraudulent claims undermine trust in those programmes. At Chijos News, we remain committed to providing the Nigerian diaspora with accurate, balanced and responsible reporting on crime, business, public policy and legal developments across the UK, helping our readers stay informed about the issues that shape the communities where they live and work.