Two Nigerians have been handed separates jail terms in the United Kingdom, for fraudulently claiming a £500,000 loan meant for businesses affected by Covid-19.
According to the reports by Metropolitan Police, the two Nigerians exploited the UK Government’s Coronavirus Bounce Back loan scheme by using the identities of eight innocent people to fraudulently obtain £489,000.
The two Nigerians were identified as Timilehin Yvette Olasemo, 39, and Olufumi David Akinneye, 33.
Timilehin Yvette Olasemo appeared at Southwark Crown Court on Wednesday, March 17, and was sentenced to three years and two months imprisonment for conspiracy to commit fraud by false representation. Olasemo pleaded guilty to the offence on 12 November 2020.
Co-defendant, Olufumi David Akinneye, 33, was sentenced to a total of five years and six months imprisonment for conspiracy to money launder and conspiracy to commit fraud after pleading guilty to those offences on 12 November 2020.
The UK government due to the ongoing Covid-19 pandemic created a scheme to support businesses struggling through the lack of economic activity.
The scheme was effectively a Government-backed loan organised and managed through UK banks. The size of the loan available is determined by turnover demonstrated by the business to the satisfaction of the bank.
The court heard how Olasemo exploited the weaknesses in the application system and realised that she, with the assistance of others, could create fake businesses – using the identities of real people – to apply for the loans.
As the business account had been registered to a separate address to the personal account holder’s address, its existence would not become apparent to the real personal account holder until the bank chased them for the loan repayments.
Olasemo was identified from evidence seized during Akinneye’s arrest. Officers from Met’s North West Economic Crime Unit, part of the Metropolitan Police Service’s Central Specialist Crime Command, identified that £489,000 worth of fraudulent loan applications were made using ten identities. Of this, £297,000 worth of loans were successfully obtained by the pair and dissipated. The remaining amount was successfully stopped by the banks.
Detective Constable Chris Collins, of the Met’s North West Economic Crime Unit, said: “Today’s result serves as evidence of the zero-tolerance approach the MPS takes to individuals found guilty of fraud.
“We will continue to crackdown on individuals who are found to be exploiting government schemes for their own monetary gain.”
Akinneye was also convicted for his involvement in Romance Fraud.
Analysis of his phone revealed that he had set up a false persona – pretending to be a woman online to ensnare men – fabricating several stories in order to request money for flights, accommodation and a replacement passport.
In some cases victims of the romance scam were duped into becoming money mules themselves by allowing fraudulent funds to be paid into their own bank accounts.
Akinneye was arrested on Thursday, 20 August by officers from the Met’s North West Economic Crime Unit. He was charged and remanded the same day.