Update needed from Government on Bounce Back Loans Scheme frauds

The London Assembly Police and Crime Committee has written to the Business Secretary asking what the Government is doing to address frauds committed under its Bounce Back Loans Scheme.

The Committee understands that the National Investigation Service (NATIS) is leading on the investigation for which the Department for Business, Energy and Industrial Strategy has oversight.

Earlier this month, the Committee held a meeting to discuss online fraud and Committee Members expressed their wish to have an update on the action being taken to address the frauds that were committed via online applications to the Bounce Back Loan Scheme.

In an update provided by the Government on 3 March on progress with action on fraud committed under Covid-19 support schemes, it states that a £100m Taxpayer Protection Taskforce of 1,200 HMRC staff to combat fraud has been set up and that it is expected to recover £1.5 billion in fraudulent or incorrect payments made under COVID-19 support schemes.

The Committee is now asking the Business Secretary how much has been recovered to date.