Romford Electrician Slapped with £57K Repayment Order for Covid Loan Scam
Stanislav Genadiev, 37, an electrician from Romford’s Faircross Avenue, has been hit with a £56,948 repayment order at Snaresbrook Crown Court. The court ruled he must cough up the cash within three months or face an 18-month jail sentence for ripping off Covid Bounce Back Loans.
Faked Finances Land Him in Hot Water
Genadiev conned two Bounce Back Loans totalling £100,000 during the pandemic by cooking the books for his businesses. In July 2020, he applied for £50,000 through K and S Installation Ltd, claiming a 2019 turnover of £200,000 – more than double the actual £85,000 officially reported.
Two months later, he tried his luck again, applying for another £50,000 loan under G and S Perfumes Ltd, a company that wasn’t even trading at the time. He once again exaggerated the turnover figure, falsely claiming £200,000.
Luxury Spree on Stolen Cash
The Insolvency Service uncovered Genadiev didn’t funnel the loans into his businesses as promised. Instead, he blew the money on clearing personal debts, everyday groceries, and splashing out on designer threads.
Alexander Grierson, Head of Asset Recovery: “Stanislav Genadiev misled authorities by declaring that the funds would be used for his businesses, but instead used them for personal debts and luxury purchases.”
The service traced nearly £57,000 in assets belonging to Genadiev, including a 50% stake in his home and land in Bulgaria. These assets are now part of the confiscation order.
Suspended Sentence and Tough Warnings
Genadiev was initially sentenced in February to a two-year suspended prison term and 150 hours of unpaid work. Now, with the confiscation order in place, he faces jail if he can’t repay the money soon.
The Insolvency Service has vowed to keep hunting down any additional assets to claw back the stolen funds.
