Author: Syedur Rahman 15 December 2021
Syed Rahman wrote about the concerns the National Audit Office (NAO) has voiced about the fraud prevention measures in the government’s Covid-19 Bounce Back Loan Scheme.
His article, which was published by Lawyer Monthly and HMRC Enquiries, Investigations and Powers Magazine, outlines the NAO’s argument that the government’s measures are inadequate and that changes will be needed to recover the estimated £5 billion that has been stolen.
Syed explains that the loan scheme was always likely to attract fraudsters. He points out that the government has turned to the National Crime Agency and the National Investigation Service (Natis) to combat this type of fraud. But, he argues, they may not have the capacity to deal with the sheer number of loan-related fraud cases.
The government’s awareness of the need to tackle fraud relating to loans is a case of too little too late, according to Syed. He believes “it almost defies belief’’ that the compliance teams now monitoring the loans were not in place at the time the loans were being given out.
He adds that HM Revenue and Customs (HMRC) will have to put a large amount of resources into trying to recover the losses – an attempt to regain money that should never have been paid out.
Syed's article featured on Lawyer Monthly and HMRC Enquiries, Investigations and Powers Magazine.
Syedur Rahman is known for his in-depth experience of serious fraud, white-collar crime and serious crime cases, as well as his expertise in worldwide asset tracing and recovery, civil recovery, cryptocurrency and high-stakes commercial disputes.