Craig Smith lied about his turnover to secure the maximum loan available.
Craig Smith was charged with fraud after receiving £50,000 he was not entitled to
Smith was jailed earlier this month following Insolvency Service investigations
The boss of a property maintenance company who lied about his turnover to secure a maximum-value Covid Bounce Back Loan has been jailed.
Craig Smith, of Saltwells Road in Dudley, set up C.A.S. Property Maintenance (Midlands) Limited in April 2020.
The 42-year-old applied for a Covid Bounce Back Loan in August 2020 using his own name as the loans were only available to businesses trading from the beginning of March.
Smith claimed his annual turnover was £200,000 to receive the maximum loan available of £50,000 - when it was just £33,578.
He was sentenced to two years and one month in prison at Wolverhampton Crown Court on Friday 17 October.
David Snasdell, Chief Investigator at the Insolvency Service said:
Craig Smith fraudulently obtained a £50,000 Bounce Back Loan from a scheme that was designed to help businesses during the pandemic.
Smith overstated his company's turnover by more than £160,000 to secure the loan, showing deliberate disregard for the taxpayer-backed scheme.
This sentence reflects the seriousness of his fraudulent behaviour, and the importance of honesty and integrity when running a company.
Smith resigned as a director in July 2021 having never filed any accounts for C.A.S. Property Maintenance (Midlands) Limited, which was dissolved in 2022.
He previously pleaded guilty to one count of fraud by false representation at a hearing at Wolverhampton Crown Court on 14 August 2025.
