A rogue Company Director from Wolverhampton deliberately lied by exaggerating company turnover to secure a £50,000 bounce back loan.
Inderjit Singh Dadial, aged 32 has been disqualified from being a Limited Company director for nine years.
He was sole director of Cali Juices Ltd, a wholesaler of specialised soft drinks, which was incorporated in 2019 with a registered address in Wolverhampton.
In June 2020 Inderjit Singh Dadial applied for and secured £50,000 through the Bounce Back Loan scheme.
The company’s accounts ending January 2020 however showed turnover of just over £2,000, but the Insolvency Service investigation found that Inderjit Singh Dadial had lied and stated the turnover as £250,000.
The company was not in fact eligible for any money under the scheme based on its actual accounts, and income received into the company’s bank account.
The Secretary of State for Business, Energy and Industrial Strategy accepted a disqualification undertaking from Inderjit Singh Dadial after he admitted grossly inflating the company’s turnover to secure the Bounce Back Loan.
His ban runs from 21 March 2022 and lasts for 9 years.
The disqualification undertaking prevents him from directly, or indirectly, becoming involved in the promotion, formation or management of a company, without the permission of the court.
Dave Elliott, Chief Investigator at The Insolvency Service said:
“Inderjit Singh Dadial had significantly inflated the turnover on the application to obtain a loan to which Cali Juices Limited was not entitled.
The Insolvency Service will not hesitate to investigate and use its powers against those who have abused the COVID-19 support schemes.”
– UK Debt Collection News