STORY
A Bradford second-hand car dealer has been ordered to repay £66,917 after fraudulently securing a £50,000 Covid Bounce Back Loan for his business. Javed Akhtar was given a confiscation order at Bradford Crown Court on 6 August and must repay the money within three months. If he fails to do so, he could face six months in prison while still remaining liable for the full amount.
Akhtar had previously admitted fraudulently applying for the maximum £50,000 Bounce Back Loan available for Natasha Motors Ltd in May 2020. He claimed the company had a turnover of £400,000, but the Insolvency Service said that declaration was false. During an interview under caution, Akhtar gave differing figures for the company’s 2019 turnover and said the loan application had been completed on his instruction by the firm’s accountant. He was sentenced in March to 20 months in prison, suspended for two years, and ordered to carry out 250 hours of unpaid work.
An Insolvency Service financial investigation identified assets including three cars and a solar panel investment worth more than £150,000. Officials said this showed Akhtar had sufficient assets to repay the Bounce Back Loan in full, together with an uplift reflecting the change in the value of money since 2020. Akhtar was separately disqualified as a company director in August 2023 for failing to provide adequate accounting records, with his six-year ban running until August 2029.