Two men have been arrested over an alleged scam to claim 'bounce back loans' from the Government's scheme to help small businesses affected by the Covid-19 pandemic. The main suspect, who is in his late 40s, is believed to have recruited people to set up fake companies and bank accounts. Detectives have got orders to freeze 10 bank accounts containing a total of £553,305 after finding application forms for bounce back loans. A man in his early 20s and a second suspect were later arrested on suspicion of money laundering and fraud, and have since been released under investigation. Officers found application forms from suspected fake companies to their banks requesting bounce back loans - set up to help small businesses - in a search of a residential address in Hounslow, police said.

Source: Daily Mail July 10, 2020 18:18 UTC