Ben Holt, leading Phoebe Bragg, were instructed in the prosecution of five defendants charged with various fraud and money laundering offences linked to the Covid Bounce Back Loan (BBL) Scheme.
A National Crime Agency led investigation revealed that four of the defendants had created front companies or used dormant companies in order to set up business bank accounts and apply for government backed loans set up to assist companies affected by the Covid Pandemic. The majority of the loans obtained were defaulted on and the money then laundered through a network of bank accounts.
It has been estimated that the amount of money lost to fraud and loan defaults nationwide on the BBL scheme is nearly £20 billion.
The defendants were convicted at Southwark Crown Court following a 5-week trial and will be sentenced in February 2026.
Counsel were instructed by the Serious Economic, Organised Crime and International Directorate of the Crown Prosecution Service.
