Amraiz Mahmood fraudulently secured a £20,250 Bounce Back Loan from his bank in 2020 by overstating his 2019 turnover by more than £65k. 

The self-employed courier claimed his turnover was £81,000 at the time of the fraud in May 2020, when in fact a self-assessment in 2018-19 showed his income to be £15,018. 

High Wycombe Magistrates’ Court heard how he then spent most of the money on recreational drugs and gambling.

But in May 2021, Mahmood applied for bankruptcy, claiming he had assets of just £100 and liabilities of more than £200k.

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Despite this however, just one month before he had secured a non-Covid related loan from his bank worth £25k having withdrawn £2,000 

The 41-year-old, of Booker Lane, High Wycombe, then withdrew a further £37,950 in cash across several transactions. 

He later claimed he withdrew the money as he needed to make repairs to his home and he knew the assets would be frozen once the bankruptcy order was made. 

Invoices for the house renovations were dated after Mahmood’s bankruptcy however, meaning he was in possession of the funds when he told the Official Receiver he only had £100 in assets. 

Mahmood was convicted of fraud by false representation and concealment of assets within the 12 months preceding his bankruptcy application. 

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At a hearing on February 21, he was handed a 10-month sentence, suspended for two years. 

The fraudster is now subject to a 12-month electronically monitored daily curfew between 9pm and 7.45am.

Mark Stephens, Chief Investigator at the Insolvency Service, said: “Amraiz Mahmood hugely inflated his turnover to secure taxpayers’ money he did not deserve. He then clearly failed to use the loan as it was intended.  

“Bounce Back Loans were designed to support small businesses through the pandemic.

“They were not intended to be used for personal gain and the Insolvency Service will not hesitate to take action when we identify such blatant abuse of the scheme. 

“Mahmood also concealed tens of thousands of pounds in assets from the Official Receiver when he was declared bankrupt.”

Mahmood signed an eight-year Bankruptcy Restrictions Undertaking in March 2022, restricting him from being able to borrow more than £500 without disclosing his bankrupt status. 

Efforts are now being made to recover the funds from Mahmood.