Human resources boss faces jail for massive £ 240,000 fraud in Covid as he ‘committed romance fraud’
Human resources boss faces jail after trying to claim Â£ 240,000 in rebound loans for Covid support.
Timilehin ‘Yvette’ Olasemo, 38, has made eight separate claims for Â£ 30,000 bank loans on behalf of his employer Essex Cares Ltd, has been heard in Southwark Crown Court.
Olasemo has also been accused of helping her friend Olufemi Akkineye, 33, carry out “romance fraud” by befriending men on dating sites.
Wearing a white polka-dot dress, Olasemo admitted to conspiring to commit false representation fraud in connection with the Bounce Loan Program (BBLS) claims at Southwark Crown Court Thursday.
Prosecutor Gareth Munday said her friend Akinneye created a profile of a woman calling herself Catherine Adams with fake photos to convince potential suitors to send her money.
âThey contacted men posing as Catherine Adams and Ms. Olasemo was the female voice to talk to them,â he said.
Akkineye also defrauded businesses and individuals by diverting legitimate payments to bank accounts he owned and owned by other fraudsters between 2014 and 2020, the court said.
Janice Brennan, defending Olasemo, called for reports to be prepared before she is sentenced and said: “Although the sentence is obviously immediate imprisonment, she has two dependent children and at the moment he does not. there is no complete certainty on who is going to take care of them. “
Postponing the sentence until November 27, Judge Alexander Milne told the couple: “You will be remanded in custody.
“I ordered the preparation of pre-sentence reports for the two.”
Olasemo, of Romford, admitted to conspiring to commit fraud by misrepresentation.
She denied the fraud relating to the dating site scam and the prosecution was ordered to lie on the record.
Akinneye, whose address was given to Wandsworth Prison, admitted two counts of conspiracy to commit false representation fraud and one count of money laundering.
They were remanded in custody until November 27.
RISHI’S BOUNCE BACK DIAGRAM
In April, Rishi Sunak announced small businesses could get interest-free loans worth up to Â£ 50,000 as part of an emergency micro-loan program.
This meant that businesses would get loans of up to 25% of their turnover, up to a maximum of Â£ 50,000, with cash arriving within 24 hours of the request.
As of October, more than Â£ 38 billion in rebound loans had been loaned to around 1.3 million businesses.
The government guaranteed the loans and promised to cover the interest payments for the first year.
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But analysis of the pattern has since shown that ‘Much above’ Â£ 2 billion could already have been paid to fraudsters.
The National Audit Office said the high risk of fraud and default was due to the lenient criteria – designed to provide quick loans to businesses to keep them from going bankrupt during the Covid crisis.
And there are fears that fraud and bankruptcy will cost Rishi Sunak’s flagship program Â£ 26bn.