Scammers bouncing banks into sham loans

04 October 2020 - 03:03 pm UTC

The Treasury’s scheme gets cash to firms quickly. That makes it perfect for fraudsters, says Emma Dunkley. When the BBC called last month to warn that he was the victim of a £50,000 fraud, Mark Telling thought it was a prank. “I was at work and, to be honest, I thought it was a bit of a wind-up,” said Telling, 47. The truth was less amusing. Criminals had used his personal details to set up a fake company — Tellings Home Made Furniture Service — to borrow £50,000 from Lloyds Banking Group under the government’s bounce back loan scheme (BBLS)...