Romford Builder Busted for £38,500 Covid Bounce Back Loan Scam
A Romford builder has been caught red-handed after falsely claiming nearly £39,000 through the UK’s Covid-19 Bounce Back Loan Scheme. Now, he’s been slammed with a 10-year director ban and forced to cough up the cash.
Fraudster Faked Turnover to Grab £50k Loan
Ioan Marcu, 38, of Lindfield Road, Romford, pulled a fast one by massively inflating his company’s turnover to snag a £50,000 Bounce Back Loan in 2020. Marcu’s firm, Imbusi Ltd, claimed a £280,000 turnover—when in reality it was nowhere near that figure.
The real turnover qualified them for just £11,451, but Marcu’s dishonesty landed him the full amount. An investigation by the Insolvency Service later revealed the deception, and Imbusi Ltd went belly up in July 2022 with debts over £63,000.
10-Year Director Ban and Repayment Deal
In January 2025, Marcu was disqualified from holding any company directorship roles for a decade due to his Covid loan misconduct. On April 24, he signed a legal compensation undertaking to repay £38,549 in monthly instalments, as agreed with the Secretary of State for Business and Trade.
Ann Oliver, Chief Investigator at the Insolvency Service, said: “Ioan Marcu significantly overstated his company’s turnover to secure the maximum Bounce Back Loan. This false declaration has rightly resulted in his ban until 2035.”
This repayment agreement enforces the government’s zero-tolerance approach to recovering public funds lost to fraud.
Covid Bounce Back Loan Scheme Under Fire
The Bounce Back Loan Scheme was set up to help struggling small businesses survive the pandemic. But it has been plagued by fraud, with many facing investigations and tough penalties post-pandemic.
The Insolvency Service continues to crack down on businesses and individuals who exploited Covid relief schemes.
What’s Next for Marcu?
- Marcu can’t act as a company director or manage any business without court permission until 2035.
- He must repay the £38,549 stolen from public funds in instalments.
- The Insolvency Service remains vigilant against Covid loan scams.
For more on Covid loan fraud cases and business enforcement, visit the Insolvency Service and Gov.uk.
