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NRI Kulwinder Singh businessman jailed for
loan fraud in the UK


Los Angeles, Feb. 16, 2023 A.Gary Singh

NRI Kulwinder Singh Sidhu, 58, from Stanwell, pleaded guilty to offences under the Companies Act and the Fraud Act, having abused the Bounce Back Loan financial support scheme in 2020. He Has been sentenced to 12 months imprisonment in the UK for having abused an interest free loan scheme provided to businesses impacted by the Covid-19 pandemic.

On 9 June, 2020 Sidhu applied for a 50,000 pound Bounce Back Loan from his bank on behalf of his business. Under the Bounce Back Loan scheme, genuine businesses impacted by the pandemic could take out interest-free taxpayer-backed loans of up to a maximum of 50,000 pound. The loan was paid into the company bank account and on June 26, 2020 Sidhu filed paperwork with Companies House to have the business dissolved, having transferred the funds to his personal bank account within two days of receipt.

The company was dissolved in October 2020, and was subsequently identified as likely Bounce Back Loan fraud by the Insolvency Service and cross-government counter-fraud systems.

He pleaded guilty to charges in December last year, and was sentenced on February 13, this year at Guildford Crown Court.

The court imposed a confiscation order for 50,000 pound, which Sidhu has paid in full. In addition to the custodial sentence, he was also disqualified as a company director for six years.