Directors at two Lancashire firms have been given bans
Directors at two Lancashire firms have been hit with bans after submitting massively inflated accounting figures to falsely claim from a Covid-19 support scheme.
Mohammed Sultan Khan and Shakil Moulvi were hit with the sanctions after the Insolvency Service found they'd abused a Government-backed loan scheme to borrow money their firms were never entitled to. Both companies then entered liquidation having not repaid a penny of a combined £97,500 of borrowing.
The two companies - Cannel Works Trading Limited and DAJ Group Ltd - are entirely unrelated to each other but Khan and Moulvi are the latest in long series of directors to face punishment for false claims from the Bounce Back Loan scheme. The loans were set up to support businesses affected by Covid-19 but came with specific eligibility requirements.
In a separate investigation, Moulvi's financial services business DAJ Group Ltd was found to have falsely claimed to have a turnover of £200,000 in order to claim a £50,000 BBL. In fact, company accounts for the year ending February 2020 showed the actual figure was £26,200 and the amount DAJ was eligible for should have been just £6,550. The firm entered liquidation in July 2021 with the entire loan amount still outstanding.
Both directors were sanctioned by the Insolvency Service last week and are now banned from serving as a director of any company. Khan, of Blackburn Road in Great Harwood, was given a ban of six-and-a-half years. Moulvi, 31 and of Lorraine Avenue in Fulwood, Preston, was banned for nine years.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
As we head into winter this is what Covid looks like now in Greater ManchesterAs we head into a third winter battling Covid this is how the virus is affecting Greater Manchester now
Read more »
Glasgow businessman pocketed £100,000 using covid loan fraud to buy houseBrendan Gaughan has been banned from operating as a company director after he used cash he wasn't entitled to from the UK Government Bounce Back Loan scheme to buy a house then pay thousands from the sale into his own bank account.
Read more »
Young woman died after struggling to cope with mum's Covid deathSharleen Cable, known as Charley, excelled at school and was described by her dad as 'happy and bubbly'.
Read more »
Have I dodged Covid and what does it mean?Why have some people never had Covid and can that lead to better vaccines?
Read more »
'Sorry doesn't cut it': I'm a Celebrity campmates grill Matt Hancock over COVIDMr Hancock continued to defend the government's broader handling of the pandemic - for example, saying there were 'reasons' that decisions on care homes were taken
Read more »