Eric Agyeman, a 46-year-old Ghanaian residing in London, has been sentenced to two years and two months in prison for defrauding the UK government of £130,000 through its Covid-19 Bounce Back Loan Scheme.
Appearing before the Old Bailey, the court heard that Agyeman submitted three fraudulent loan applications under the name of DOK Logistics UK Ltd, a company that never conducted any business operations. The Bounce Back Loan Scheme was designed to provide financial relief to legitimate small businesses during the Covid-19 pandemic, allowing each business to apply for only one loan.
To bypass this restriction, Agyeman falsely declared that the company had an annual turnover of up to £375,000 in order to qualify for larger loan amounts. He later admitted that these figures were completely fabricated, stating, “They were just something I made up.”
Investigations revealed that more than £40,000 of the stolen funds were used to ship goods to Ghana. These goods were sold by an associate, who then returned part of the proceeds as commission. The profits were smuggled back into the UK in cash via travelers.
In addition to the prison sentence, Agyeman has been disqualified from serving as a company director for five years.
David Snasdell, Chief Investigator at the UK Insolvency Service, condemned Agyeman’s actions, stating:
“Eric Agyeman brazenly exploited a scheme designed to support struggling businesses during the pandemic, using the funds to operate a business abroad for personal gain.”
Authorities have initiated proceedings under the Proceeds of Crime Act 2002 to recover the misappropriated funds.
Source: MyNewsGh.com
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