A construction boss in Berkshire who fraudulently obtained two covid loans totaling £100,000 has been jailed for two-and-a-half years.
Arti Deda, 31, falsely declared the turnover of his Knight Workers Limited company in 2020 to receive Bounce Back Loans worth £50,000 each when eligible businesses were entitled to just one.
Bounce Back Loans were designed to support small and medium-sized businesses throughout the pandemic.
£44,500 was transferred to an associate days after Deda received the funds, £13,000 was transferred to a third party and £20,000 from an account with the reference “material”.
None of the £100,000 was used for the benefit of Knight Workers.
And, though Deda’s firm claimed to build domestic properties, investigators found little evidence of any trading in the construction industry.
Deda applied to have Knight Workers liquidated in November 2021 to avoid repaying the loans.
The company was dissolved in April 2023, with Deda having made no repayments.
Deda, of Littleport Spur, in Slough, received a prison sentence at Reading Crown Court on Wednesday 5 February, and was disqualified for 10 years.
The Insolvency Service is seeking to recover the funds under the Proceeds of Crime Act.
“This significant jail term and director disqualification reflects the seriousness of Covid-related fraud,” said David Snasdell, chief investigator at the Insolvency Service.
“The Insolvency Service is committed to investigating these crimes, which have a substantial impact on the public purse, and prosecuting those responsible.”
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