Cardiff Businesswoman Sentenced for Fraudulent Covid-19 Loan Applications
A businesswoman from Cardiff has been sentenced to over two years in prison for fraudulently securing £216,250 through the UK Government’s Covid-19 Bounce Back Loan Scheme by submitting five false loan applications across four companies. Rupali Wagh, aged 50 and residing at Harrison Way, engaged in deceptive practices to amplify her company’s turnover between May and September 2020.
Details of the Fraudulent Activities
Reports indicate that Wagh inflated her business’s financial performance and applied for duplicate loans from companies that had already received funding. Much of the fraudulent proceeds were funneled towards settling personal debts and investing in stocks to maintain her businesses.
Court Proceedings and Sentencing
Wagh entered a guilty plea to five counts of fraud at Cardiff Crown Court in November 2025. She was subsequently sentenced to two years and three months in prison at Merthyr Tydfil Crown Court on July 17, following a thorough investigation by the Insolvency Service.
Insights from Investigators
David Snasdell, chief investigator at the Insolvency Service, highlighted the gravity of Wagh’s crimes, stating she misrepresented her sales figures and engaged in multiple loan applications for the same business. Snasdell noted that upon being confronted with evidence, Wagh attempted to deflect responsibility before ultimately admitting her sole involvement in the scheme.
Sequence of Fraudulent Applications
The fraudulent scheme began in early May 2020, when Wagh applied for a £16,250 Bounce Back Loan through One2Four Accounting Ltd. In her application, she falsely declared the company’s turnover as £65,000, despite its actual turnover being just £39,000 in the previous year. Shortly after acquiring the funds, she transferred a significant portion to her personal bank account for debt repayment and stock investments.
Subsequent Deceptive Claims
Following her initial loan, Wagh filed an additional claim for £50,000 against Tarensetsu UK, falsely claiming a turnover of £218,000. The investigators noted that the company’s dormant accounts showed no activities during the relevant period. Following the approval of this loan, she quickly redirected the funds to personal financial obligations, including transferring over £25,000 to an account in India.
Continued Attempts to Defraud
Wagh continued her fraudulent activities by securing a second £50,000 loan from Talensetsu UK under the false pretense that it was the company’s only application. Despite estimating her company would generate only £72,000 for the following year, she claimed a turnover of £225,000. Her fraudulent activities did not cease there—she made further applications, falsely representing her business’s financial health to apply for additional funding.
Investigation and Recovery Efforts
Throughout the investigation, Wagh initially attempted to attribute her actions to a third party who allegedly made one of the applications without her consent. However, she later retracted this statement and acknowledged her culpability. The Insolvency Service is actively working to recover the illicit funds under the Proceeds of Crime Act 2002, reflecting its commitment to addressing fraud in the context of COVID-19 relief measures.
