Azmi Shafi Ahmed, 28, from Grays, Essex, and George David Festivus Pinnegar, 31, from East Grinstead have been disqualified for a total of 17 years after each claimed the maximum 50,000 Bounce Back Loans for their businesses and used the money for personal gain.
Ahmed was the sole director of AZ Financials Ltd, trading as a bookkeeper from Ludgate Hill in London. In July 2020 he applied for a 50k Bounce Back Loan for the company, after claiming that its previous year’s turnover had been 200,000.
But the Insolvency Service began an investigation into the director’s conduct after AZ Financials Ltd went into liquidation in November 2022, owing the full amount of the loan.
Investigators found that the company’s turnover in the pre…
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