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Businesswoman Sentenced for £190,000 Fraud Under Bounce Back Loans Scheme
20 July 2026, Cardiff — Rupali Wagh, a 50-year-old business owner from Cardiff, has been sentenced to 27 months in prison after defrauding the UK Government out of £190,000 through fraudulent applications for loans under the Bounce Back Loans scheme. This programme was intended to provide financial relief to businesses affected by the Covid-19 pandemic.
Wagh secured funds for four of her companies between May and September 2020. However, instead of using the money to support her businesses, she transferred the majority of the funds into personal bank accounts, where they were used to pay off personal debts and invest in stocks.
During a recent hearing at Merthyr Tydfil Crown Court, prosecutor Jenny Yeo detailed how Wagh’s deceitful actions began with a £16,250 loan application for her bookkeeping company, One2Four Accounting Ltd. She falsely declared a turnover of £65,000, despite her actual earnings being just £39,000 for the previous year. Within weeks, Wagh transferred the funds to her personal account and misappropriated the money for personal use.
Wagh’s fraudulent activities escalated with further applications for the maximum £50,000 loans for her other businesses, including Talensetu UK Ltd and White Coconut Ltd, a Cardiff-based Indian street food outlet. In these applications, she again inflated her claimed turnovers significantly and falsely stated that her businesses were trading, when in fact, they were not.
Despite numerous attempts to conceal her actions—such as claiming confusion about the loan usage and blaming a third party for her applications—Wagh ultimately admitted to using the funds for personal benefit after further investigation by the Insolvency Service.
Represented by barrister Nicholas Barry, Wagh expressed remorse, noting her financial pressures and personal difficulties, including a divorce in 2016 and health issues such as type two diabetes. Barry highlighted that some of the funds had been repaid, and Wagh had made some financial contributions to her businesses.
Sentencing Wagh, Judge David Wynn Morgan stated, “Your conduct was wholly dishonest and resulted in personal gain.” The emotional defendant was visibly distressed as she received her sentence.
Following the court proceedings, David Snasdell, chief investigator at the Insolvency Service, condemned Wagh’s actions, declaring that she had systematically exploited a vital support scheme meant to protect legitimate businesses during a challenging economic climate. He reiterated the agency’s commitment to pursuing those who commit fraud against such programs, vowing accountability regardless of the duration of the investigation.
This case serves as a warning to others who may consider exploiting financial assistance schemes designed to provide genuine help during times of crisis.
