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Indian-origin Cardiff businesswoman jailed for Covid loan fraud
She was sentenced for abusing the Covid loan scheme by submitting false business claims and diverting funds for personal use.
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Bhavana P - Sat, 18, Jul 2026
- 12:59 EDT
- 68
Representative Image / Pexels
An Indian-origin businesswoman from Cardiff has been sentenced to two years and three months in prison for profiteering through the UK government's Covid-19 Bounce Back Loan Scheme.
Rupali Wagh, 50, who obtained more than $ 0.29M (around £216,000), is jailed at Merthyr Tydfil Crown Court on July 17 after pleading guilty to five counts of fraud.
Investigators found that she secured five Bounce Back Loans worth a combined £216,250 across four companies between May and September 2020 by inflating business turnover figures and making false declarations.
According to the UK Insolvency Service, Wagh falsely claimed higher turnovers for her companies, obtained duplicate loans for businesses that were only entitled to one, and diverted much of the money for personal use instead of legitimate business purposes.
Also read: Suspect charged in fatal stabbing of West London Indian-origin woman
Authorities said she transferred significant amounts into her personal bank account, using the funds to pay off personal credit card debts and loans, purchase stocks and shares, and transfer more than $33,600 (£25,000) to an account in India. She later admitted she believed clearing her personal debts would ultimately help her businesses.
The fraudulent claims involved One2Four Accounting Ltd, Talensetu UK Ltd, White Coconut Ltd, and Indian Canteen Ltd. In several applications, Wagh submitted turnover figures that contradicted company records or estimates provided on bank account applications.
She also falsely declared that some applications were the businesses' only Bounce Back Loan requests despite having already received funding.
David Snasdell, Chief Investigator at the Insolvency Service, said Wagh had "systematically targeted a scheme designed to help genuine businesses survive the pandemic" and stressed that authorities remain committed to prosecuting Covid-related fraud regardless of how much time has passed.
During the investigation, Wagh initially claimed one of the applications had been submitted by someone else using her computer, but later withdrew the allegation and admitted acting alone.
The Insolvency Service has begun proceedings under the Proceeds of Crime Act 2002 to recover the fraudulently obtained funds. The Bounce Back Loan Scheme was introduced during the Covid-19 pandemic to provide emergency financial support to struggling businesses.
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