Rupali Wagh, 50, a Cardiff businesswoman, has been sentenced to two years and three months in prison for defrauding the government's Covid-19 Bounce Back Loan scheme of £216,250. The sophisticated scam involved her systematically applying for five loans across four of her companies between May and September 2020, falsifying financial information to meet eligibility criteria.
Investigations by the Insolvency Service revealed that Wagh inflated turnover figures for her businesses, securing duplicate loans for some, in contravention of the scheme's regulations. A significant portion of the fraudulently acquired funds was transferred to her personal bank accounts, where it was used to clear personal debts and purchase stocks and shares.
The case involved One2Four Accounting Ltd, a bookkeeping services company, for which Wagh secured a £16,250 loan in May 2020 by claiming a turnover of £65,000 when the actual figure was £39,000. The money was swiftly moved to her personal account for debt repayment and investments.
Further fraudulent applications included a £50,000 loan for White Coconut Ltd, trading as an Indian street food outlet, and another £50,000 for Indian Canteen Ltd, a business incorporated just months before the application. In each case, Wagh provided inflated turnover estimates and failed to disclose previous loans or dormant company status.
Wagh pleaded guilty to five counts of fraud at Cardiff Crown Court in November 2025. Her sentencing took place at Merthyr Tydfil Crown Court on Friday, 17 July 2026. David Snasdell, Chief Investigator at the Insolvency Service, condemned Wagh's actions, stating that she 'systematically targeted a scheme designed to help genuine businesses survive the pandemic' and reaffirmed the service's commitment to bringing Covid fraudsters to justice.