STORY
A Romford-based builder, Ioan Marcu, has been mandated to repay over £38,000 after fraudulently securing a £50,000 Bounce Back Loan during the COVID-19 pandemic. Marcu, 38, previously received a 10-year director disqualification in January 2025 following an investigation by the Insolvency Service. Marcu, the sole director of Imbusi Ltd, applied for the maximum loan amount in July 2020, claiming an annual turnover of £280,000. However, official records indicated the company’s actual turnover entitled it to just £11,451. Imbusi Ltd subsequently went into liquidation in July 2022, owing over £63,000.
In April 2025, Marcu signed a compensation undertaking, legally committing to repay £38,549—the excess amount obtained—through monthly instalments. Ann Oliver, Chief Investigator at the Insolvency Service, stated:
“Ioan Marcu significantly overstated his company’s turnover in order to receive the maximum amount of money businesses were entitled to under the Bounce Back Loan Scheme. This was clearly an inaccurate declaration which has resulted in him being banned as a director until the start of 2035.”
The Bounce Back Loan Scheme was introduced to support businesses during the pandemic, allowing loans up to £50,000 based on company turnover. Misuse of the scheme has led to numerous investigations and sanctions against individuals who provided false information to obtain funds. Marcu’s disqualification prohibits him from involvement in company management or formation without court permission until 2035