Cardiff businesswoman jailed for over two years for £216,000 Covid loan fraud

A businesswoman from Cardiff has been sentenced to two years and three months in prison after fraudulently obtaining more than £216,000 from the UK government’s Covid-19 support scheme.

Rupali Wagh, 50, secured five separate payments under the Bounce Back Loan Scheme between May and September 2020 by inflating business turnovers and applying for duplicate loans.

Instead of using the emergency funds to keep her companies afloat during the pandemic, Wagh used the cash to clear personal debts, play the stock market, and transfer tens of thousands of pounds abroad.

Wagh pleaded guilty to five counts of fraud at Cardiff Crown Court and was sentenced at Merthyr Tydfil Crown Court on Friday.

Systematic abuse of emergency funds

An investigation by the Insolvency Service revealed how Wagh systematically targeted the financial relief package across four different companies:

• One2Four Accounting Ltd: She claimed a £65,000 turnover to secure a £16,250 loan, despite the company’s actual turnover being just £39,000. The cash was quickly moved to her personal account.
• Talensetu UK Ltd: She pocketed two separate £50,000 loans for this single business. For the first, she claimed a £218,000 turnover despite official records showing the company was dormant and not trading. She then transferred £25,000 of these funds to an account in India.
• White Coconut Ltd: Wagh secured a maximum £50,000 loan by falsely declaring it was her first application for the firm, hiding the fact that she had already received £18,000 for the same business months earlier.
• Indian Canteen Ltd: She fabricated a £206,000 turnover to secure a fifth loan, later moving the cash between her companies.

Shifting the blame

When investigators first confronted Wagh, she attempted to deflect blame, claiming a third party had used her computer to make one of the applications without her knowledge.

She later retracted the story and admitted acting entirely alone, telling officials she believed that clearing her personal credit cards and debts would indirectly help her businesses.

“Rupali Wagh systematically targeted a scheme designed to help genuine businesses survive the pandemic,” said David Snasdell, Chief Investigator at the Insolvency Service. “These are serious crimes and we remain committed to bringing Covid fraudsters to justice no matter how long it takes.”

The Insolvency Service has confirmed it is now launching legal proceedings under the Proceeds of Crime Act to recover the stolen money.