Two Jailed for Fraud and Money Laundering After Scamming COVID-19 Loan Scheme
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Two Londoners have been jailed for fraud and money-laundering after they scammed banks out almost £300,000 meant for COVID-hit businesses.
Timilehin Yvette Olasemo of Romford was sentenced to three years and two months at Southwark Crown Court on Wednesday for conspiracy to commit fraud by false representation, while Olufumi
David Akinneye of Lambeth got five years and six months for conspiracy to money launder and conspiracy to commit fraud.
Olasemo used the stolen identities of ten people to apply for £489,000 in fast-tracked government-backed loans to businesses to help them through the pandemic lockdown, making off with
£297,000 before banks stopped the rest. Akinneye laundered the money through so-called "mule accounts", paying their owners to let him transfer money through them.
Olasemo, who was arrested in October, saw loopholes in the government's Coronavirus Bounce Back loan scheme for businesses suffering under the lockdown.
Akinneye was also convicted of "romance fraud", posing as a woman to ensnare men and making up stories to beg them for money for flights, accommodation and a replacement passport.