More fraud in Britain forecast as bounce-back loans scheme extended

ACCORDING to an article published in the Mail on Sunday, it has discovered that fraudsters are getting ready to recruit people through the dark net to share profits by defrauding banks (and eventually the British taxpayer) as the furlough schemes are extended.

The Chancellor, Rishi Sunak is encouraging high street banks to continue to offer ‘bounce-back loans’ underwritten by the Government and it seems that the crooks are ready to pounce.

His policies have been criticised by many as has his adaptation of the Conservative Party logo where the word Conservative has been replaced by his name.

As previously explained in Euro Weekly News, it is believed by the British National Audit Office that as much as £26 billion (€28.6 billion) of the initial loans will never be paid back, in some cases because genuine borrowers have gone bankrupt but, in many cases because the loans were made to fake companies.

The scheme itself has already been extended until January 2021 and that may be extended again whilst more banks are being asked to make loans to new customers who have no track record with the bank involved, which could make it even easier for the fraudsters who will share the monies with those they recruit.

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Written by

John Smith

Married to Ophelia in Gibraltar in 1978, John has spent much of his life travelling on security print and minting business and visited every continent except Antarctica. Having retired several years ago, the couple moved to their house in Estepona and John became a regular news writer for the EWN Media Group taking particular interest in Finance, Gibraltar and Costa del Sol Social Scene. Share your story with us by emailing [email protected], by calling +34 951 38 61 61 or by messaging our Facebook page


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