Public asked to leave anonymous tips about emergency loan and grant scheme fraudCoronavirus – latest updatesSee all our coronavirus coverageThe UK government has launched a Covid fraud hotline, after being criticised for failing to act on warnings about risks linked to emergency business loans.The hotline, run by Crimestoppers, allows the public to leave anonymous tips about suspected fraud linked to the government’s emergency Covid-19 loan and grant schemes for UK businesses. That could include identity theft to obtain loans, false grant claims and the use of so-called mule bank accounts to cover the tracks of money launderers. Continue reading...
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A man attempted to steal $6 million in PPP loans after submitting applications for companies with names from 'Game of Thrones': report
Summary List Placement A North Carolina man was charged after reportedly trying to steal over $6...Summary List Placement A North Carolina man was charged after reportedly trying to steal over $6 million in Paycheck Protection Program (PPP) loans for companies with names from "Game of Thrones." Tristan Bishop Pan, 38, was charged with wire fraud, bank fraud, and engaging in unlawful monetary transactions on September 29 after submitting applications for companies named White Walker, Khaleesi, and The Night's Watch (all references to the popular HBO show), according to the Department of Justice. "Pan made false statements about the companies' employees and payroll expenses," according to the DOJ. "The PPP loan applications were supported by fake documents, including falsified tax filings, according to the indictment." He reportedly submitted 14 PPP loan applications over $6.1 million, and he received more than $1.7 million in benefits after being approved for two applications. The government seized some of the allegedly fraudulent loan benefits, according to the DOJ. In April, the US government launched the PPP as a way to help small businesses financially amid the pandemic. These loans must be used for payroll costs, rent, and utilities. The US Small Business Administration guarantees PPP loans under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, and they released the names of hundreds of thousands of small businesses that received funding from the PPP in July. The CARES Act was built to provide emergency financial assistance to Americans who are suffering economically from the coronavirus pandemic. But the program has been under scrutiny over the possibility of fraud. In July, some banks filed a record-high number of claims of suspected business-loan fraud, according to a report from The Project on Government Oversight. The report analyzed previously unreported government data to the Treasury Department, stating that they are uncertain that there has been "minimal fraud in the Paycheck Protection Program" the report said. Several other people have reportedly submitted fake applications. Recently, a prominent Hawaii defense contractor was charged with bank fraud and money laundering for stealing more than $12.8 million in PPP loans, as Join the conversation about this story » NOW WATCH: Inside London during COVID-19 lockdown
National Crime Agency says it has evidence ‘bounce-back’ scheme for small businesses has been targetedCoronavirus –...National Crime Agency says it has evidence ‘bounce-back’ scheme for small businesses has been targetedCoronavirus – latest updatesSee all our coronavirus coverageOrganised criminals are targeting the government loan scheme for small businesses hit by the coronavirus pandemic with fraudulent applications, the UK’s top crime agency has warned.The National Crime Agency (NCA) on Friday said it had found evidence that the “bounce back” loan scheme is being exploited, and said it was working with the banking sector and other law enforcement organisations. Continue reading...
Investigators have charged big spenders with cheating the Paycheck Protection Program for small businesses. But more...Investigators have charged big spenders with cheating the Paycheck Protection Program for small businesses. But more fraud lies below the surface, and it’ll be harder to find.