Move will see transfer of casework relating to COVID-19 loan fraud
Today the Department for Business and Trade has announced its intention to conclude its contract with the National Investigation Service (NATIS) and transfer existing casework, relating to COVID-19 Bounce Back Loan fraud, to the Insolvency Service.
In response, Alec Pybus, Interim Chief Executive of the Insolvency Service said:
We welcome this decision by the Department of Business and Trade.
The Insolvency Service is well placed to take on these investigations as part of our ongoing and successful work tackling fraudulent use of COVID-19 loans.
We are working with our colleagues at the Department of Business and Trade and at Thurrock Council to deliver a smooth and swift transition of ongoing cases, and any potential transfer of staff.
To date, the Insolvency Service has obtained disqualifications against 2,167 directors, bankruptcy restrictions against 343 individuals and successfully prosecuted 54 individuals in respect of COVID-19 financial support scheme misconduct.
The Agency has also helped to secure more than £6 million in compensation related to COVID-19 financial support scheme abuse.
The Agency already has plans to deliver further enforcement outcomes and financial recoveries in 2025/26, and will now work at pace to take on viable casework from NATIS in support of the UK Government's drive to hold to account those who fraudulently claimed support during the pandemic.
