Eligible businesses were entitled to a single Bounce Back Loan of a maximum of £50,000 to support them through the pandemic.
Ruxanda Guja, 40, formerly of Bell Avenue in Harold Hill, secured three separate loans for her business – Roxy Contracts Limited – totalling £145,000.
On Tuesday, December 3, a High Court judge banned Guja from being a director for 13 years and will have to pay £107,038 in compensation.
Dave Magrath, director of investigation and enforcement services at the Insolvency Service, said: “The rules of the Bounce Back Loan Scheme were extremely clear. Businesses were only entitled to a single loan of a maximum of £50,000, depending on their turnover.
“Ruxanda Guja clearly breached the scheme by securing three loans for her company, receiving significantly more than she was entitled to in the process.
“This was taxpayers’ money and Guja now faces a director ban for the next 13 years in addition to repaying two of the loans back with interest.”
Guja was the sole director of Roxy Contracts since it was founded in June 2017.
She said the company dealt with “specialised construction activities” and in May 2020 she applied for a £45,000 Bounce Back Loan claiming her annual turnover was £500,000.
Then just a week later she applied for a second £50,000 loan from a different bank, stating her turnover was £350,000.
Then in October 2020 she went to a third bank and obtained a £50,000 loan while claiming her turnover was £250,000.
Liquidators were appointed for Roxy Contracts in June 2021.
