EXCLUSIVE: Former company boss charged with taking out coronavirus bounce back loans in bogus names

A FORMER company director has been charged with fraudulently using other people's names to set up bank accounts in order to claim Covid-19 bounce back loans.

Timilehin Olasemo, 38, from Romford, east London, is facing one charge of conspiring with others to assume people's identities to set up the accounts and apply for the cash.

The Bounce Back Loan Scheme enables small businesses to access finance more quickly during the coronavirus outbreak. Small and medium-sized businesses can borrow between £2,000 and up to 25 per cent of their turnover upto a maximum of £50,000. Olasemo was listed as a director of two business consultancies, according to Companies House records. He faces a separate charge of conspiring with others to assume the online dating profile of a woman called Catherine Adamsn in order to commit fraud. The offences are said to have taken place between November and August. Olasemo appeared at Westminster Magistrates' Court on Saturday (October 17) and was remanded in custody to appear before Southwark Crown Court on a date to be set.