A director from the Lake District has been banned after fiddling £50,000 of taxpayers’ money.
Dr Saleem Akbar, now 66, overstated the turnover of Touch of Glass Cumbria Ltd in May 2020.
It meant the firm was given a £50,000 Covid Bounce Back Loan illicitly.
The loan scheme allowed small and medium-sized businesses to apply for loans of between £2,000 and £50,000, subject to a maximum of up to 25 per cent turnover, at a low interest rate and guaranteed by the Government.
The Insolvency Service said the turnover figure required was for the calendar year 2019, or where a business was established after January 1 2019, its estimated turnover.
Dr Akbar, who self-certified the turnover figure, told the Government that Touch of Glass’ annual turnover was £200,000 on May 18 2020, asking for £50,000 – which was granted the following day.
The Insolvency Service’s report said: “Touch of Glass was incorporated on September 20 2018 and began trading thereafter.
“The year end accounts for Touch of Glass show that for the years ending September 30 2019, September 30 2020 and September 30 2021, the recorded turnover was £0.”
Dr Akbar’s last known address is listed as Cark House, Cark in Cartmel, near Grange-over-Sands.
He was disqualified from being a company director by the Government agency for 10 years from March 31.
The Insolvency Service said that the total liabilities were £69,758, £50,033 of which related to the amount owed in respect of the loan.
Touch of Glass was wound up on June 26 2023 and was finally dissolved on January 3 last year.
