Covid Fraudster Sentenced for Misappropriating Bounce Back Loans
Prashant Jobanputra, a 41-year-old entrepreneur from Middlesex, has received a suspended prison sentence for unlawfully securing £100,000 through two Bounce Back Loans for his printing company, Genesis Web Limited. Under the government scheme established to assist businesses during the pandemic, only one loan of £50,000 was permitted per company.
Details of the Case
The fraudulent activity took place in the summer of 2020, when Jobanputra submitted two loan applications within just five days. On the second application, he misrepresented that he had not previously applied for financial assistance under the Bounce Back Loan scheme. For these infractions, he was sentenced at the Old Bailey on 27 January, receiving an 18-month prison sentence, suspended for the same duration.
Punishment and Penalties
In addition to the suspended sentence, Jobanputra has been disqualified from serving as a company director for three years and has incurred a fine of £5,000. Despite having repaid £15,371 of the fraudulent loan amount in November 2025, he still owes £35,000.
Government Response
David Snasdell, Chief Investigator at the Insolvency Service, emphasised the importance of addressing fraud within the emergency support schemes during the pandemic. He indicated that further investigations are underway to recover the remaining funds, underlining a commitment to prosecute those who exploited public finances during this critical period.
Company Background
Genesis Web Limited, which Jobanputra founded in November 2004, specialised in printing personalised items for both businesses and individuals. The company was dissolved in March 2024, following its liquidation in October 2021.
Significance of the Bounce Back Loan Scheme
Introduced as part of the UK government’s response to the economic fallout from the Covid-19 crisis, the Bounce Back Loan Scheme aimed to provide quick and easy access to finance for struggling businesses. However, instances of misuse have prompted authorities to take a firm stand against fraud to protect taxpayer interests and ensure that assistance reaches legitimate recipients.
Source: official statements, news agencies, and public reports.
https://www.gov.uk/government/news/printing-firm-boss-sentenced-after-fraudulently-obtaining-second-covid-loan
