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UK Business Owner Jailed for Misusing Covid Loan on Crypto and Gambling
UK Business Owner Jailed for Misusing Covid Loan on Crypto and Gambling
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BTCCSquare news:
Haralambos Ioannou, a glass-fitting company owner from Edlesborough, England, has been sentenced to 22 months in prison for fraudulently obtaining a second Covid-19 Bounce Back Loan. While the first £50,000 loan was legitimately used for his business, the second was diverted into cryptocurrency investments, gambling, and personal expenses.
The UK Insolvency Service ordered Ioannou to repay £40,000 in restitution and complete 150 hours of unpaid labor. The case highlights the misuse of pandemic relief funds during the 2020 crisis, when businesses were restricted to a single government-backed loan.
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