Almost 1.5 million Bounce Back Loans have been approved during the life of the scheme to date and checks are now being carried out by both the Government and the banks, cross checking for fraud.
Banks are now able to help themselves from the bank accounts of those companies or firms where fraud is suspected. Such power is contained within the small print of the original agreements and the use of such power is becoming increasingly common.
The government is sending out regular warnings that fraudsters will be identified and prosecuted.
It would be best to approach the bank concerned and HMRC with a view to agreeing a mutually beneficial settlement, primarily to avoid criminal proceedings.
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