Craig Smith lied about his turnover to grab the full £50,000 Covid Bounce Back Loan government support.
Property Boss Caught Out
Craig Smith, 42, who ran C.A.S. Property Maintenance (Midlands) Limited, was convicted of fraud after falsely inflating his turnover to get the maximum loan.
Set up in April 2020, Smith applied for the loan in August that year using his own name – the scheme was only for businesses trading from early March.
He claimed his annual turnover was £200,000 to secure the £50,000 loan. In reality, his turnover was just £33,578.
Jailed for Dodgy Loan Claims
- Smith was sentenced to 2 years and 1 month in jail at Wolverhampton Crown Court on 17 October 2025.
- He pleaded guilty to fraud by false representation back in August 2025.
- Smith resigned as company director in July 2021; the company dissolved in 2022 without filing accounts.
Insolvency Service Hits Back
“Craig Smith fraudulently obtained a £50,000 Bounce Back Loan from a scheme designed to help businesses during the pandemic,” said David Snasdell, Chief Investigator at The Insolvency Service. “Smith overstated his company’s turnover by more than £160,000 to secure the loan, showing deliberate disregard for the taxpayer-backed scheme. This sentence reflects the seriousness of his fraudulent behaviour, and the importance of honesty and integrity when running a company.”
