STORY
Cardiff businesswoman Rupali Wagh has been jailed after fraudulently claiming £216,250 from the Covid Bounce Back Loan Scheme across four companies. The Insolvency Service said Wagh secured five loans between May and September 2020 by inflating company turnover figures, obtaining duplicate loans and using public funds for personal purposes.
Wagh, of Harrison Way, Cardiff, pleaded guilty to five counts of fraud at Cardiff Crown Court in November 2025. She was jailed for two years and three months when she appeared at Merthyr Tydfil Crown Court on Friday 17 July 2026.
The 50-year-old made her first fraudulent application in May 2020 for One2Four Accounting Ltd, a bookkeeping company she had set up in 2018. She claimed the company had a turnover of £65,000, although its actual turnover for the previous calendar year was £39,000.
After receiving the £16,250 loan, Wagh transferred the money into her personal bank account. The Insolvency Service said she spent most of it paying off debts and buying stocks and shares.
The following month, Wagh applied for a £50,000 loan for Talensetu UK Ltd. She claimed the business had a turnover of £218,000, even though dormant accounts filed by the company showed that it was not trading.
Within days of receiving the money, Wagh transferred the full £50,000 into her personal account. The Insolvency Service said she spent the money on personal finance and stocks and shares, and transferred more than £25,000 to an account in India.
Wagh then applied for a second £50,000 Bounce Back Loan for Talensetu UK Ltd in July 2020, using a different bank. She falsely declared that this was the company’s only application under the scheme.
A fourth fraudulent application followed in August 2020, when Wagh sought £50,000 for White Coconut Ltd, which traded as an Indian street food outlet in Cardiff. The Insolvency Service said she claimed a turnover of £252,000, contradicting a £72,000 estimate she had provided on a bank account application.
Her final fraudulent application came in September 2020 for Indian Canteen Ltd, another street food business. She claimed the company had a turnover of £206,000, despite previously estimating turnover of £82,000 on a bank account application.
David Snasdell, chief investigator at the Insolvency Service, said Wagh had systematically targeted a scheme designed to help genuine businesses survive the pandemic. He said she lied about turnover, obtained duplicate loans for the same businesses and used the money to pay off personal debts and buy stocks and shares.
The Insolvency Service said Wagh initially tried to blame a third party for one of the loan applications, claiming someone else using her computer had made the application without her knowledge. She later retracted the claim and accepted that she had acted alone.
Wagh admitted using the funds to clear personal credit card debts and loans, saying she believed that paying off her personal debts would help her businesses. The Insolvency Service is now seeking to recover the fraudulently obtained funds under the Proceeds of Crime Act 2002.