More than £1.1bn in fraud exposed in UK bounce back loan scheme

More than £1.1bn of suspected fraud has been prevented so far in the UK Governments flagship ‘bounce back’ loans in an indication of how criminals have aggressively targeted the scheme. Estimates from the British Business Bank provided to the Commons public accounts committee said lenders had rejected 26,933 bounce-back loans over concerns they could be fraudulent preventing criminals from stealing £1.1bn from the £40bn scheme.