Cardiff businesswoman jailed over £216,000 Covid loan fraud

Nation.Cymru staff

A Cardiff businesswoman has been jailed for more than two years after fraudulently claiming more than £216,000 through the government’s Covid-era Bounce Back Loan scheme.

Rupali Wagh, 50, of Harrison Way, secured five loans worth a total of £216,250 for four companies between May and September 2020 by inflating turnover figures, making duplicate applications and falsely claiming the money would be used for business purposes.

Wagh pleaded guilty to five counts of fraud at Cardiff Crown Court in November 2025. She was sentenced to two years and three months’ imprisonment at Merthyr Tydfil Crown Court on Friday, July 17.

An investigation by the Insolvency Service found Wagh repeatedly overstated the turnover of her businesses to obtain larger loans than she was entitled to receive. She also secured multiple Bounce Back Loans for companies despite the scheme allowing businesses to receive only one loan.

Instead of using the money to support her businesses during the pandemic, Wagh transferred much of it into her personal bank account, where it was used to pay off personal debts, purchase stocks and shares and, in one case, transfer more than £25,000 to an account in India.

David Snasdell, Chief Investigator at the Insolvency Service, said: “Rupali Wagh systematically targeted a scheme designed to help genuine businesses survive the pandemic.

“She lied about her turnover, obtained duplicate loans for the same businesses, and used the funds to pay off personal debts and buy stocks and shares.

“When confronted with the evidence, Wagh initially tried to blame someone else before admitting she had acted alone.

“These are serious crimes and the Insolvency Service remains committed to bringing Covid fraudsters like Wagh to justice no matter how long it takes.”

Wagh’s first fraudulent application was made in May 2020 on behalf of One2Four Accounting Ltd, a bookkeeping business she founded in 2018. She claimed the company had an annual turnover of £65,000, securing a £16,250 loan, despite its actual turnover being around £39,000.

The following month she claimed the maximum £50,000 loan for Talensetu UK Ltd, despite the company having filed dormant accounts showing it was not trading.

She later secured a second £50,000 Bounce Back Loan for the same company by falsely declaring it had not previously received one.

Fraudulent claims

Investigators found she also made fraudulent claims for White Coconut Ltd, which traded as Tukka Tuk, an Indian street food outlet in Cardiff, and Indian Canteen Ltd, using inflated turnover figures to obtain further £50,000 loans.

During interviews with the Insolvency Service, Wagh initially claimed one of the applications had been submitted by someone else using her computer before later admitting she had acted alone.

She also admitted using the money to clear personal credit card debts and loans, telling investigators she believed reducing her personal debts would ultimately help her businesses.

The Insolvency Service said it is now seeking to recover the fraudulently obtained money under the Proceeds of Crime Act 2002.

---

Get more trusted Welsh news

Choose Nation.Cymru as a preferred source in Google News to see more of our journalism.