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UK Indian soft drinks businessman banned for misuse of Covid loan scheme

NRI Affairs News Desk by NRI Affairs News Desk
March 27, 2022
in News
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UK Indian soft drinks businessman banned for misuse of Covid loan scheme

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A British Indian soft drinks businessman from central England has been barred from holding a director’s position in any company for nine years after admitting to inflating the company figures in a loan application.

Inderjit Singh Dadial, 32, from Wolverhampton was the sole director of Cali Juices Ltd, a wholesaler of specialised soft drinks, which was incorporated in 2019 with a registered address in Wolverhampton.

In June 2020 Inderjit Singh Dadial applied for and secured £50,000 through the Bounce Back Loan scheme.

The company’s accounts ending January 2020 however showed turnover of just over £2,000, but the Insolvency Service investigation found that Inderjit Singh Dadial had lied and stated the turnover as £250,000.

The company was not in fact eligible for any money under the scheme based on its actual accounts, and income received into the company’s bank account.

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The Secretary of State for Business, Energy and Industrial Strategy accepted a disqualification undertaking from Inderjit Singh Dadial after he admitted grossly inflating the company’s turnover to secure the Bounce Back Loan. His ban runs from 21 March 2022 and lasts for 9 years.

The disqualification undertaking prevents him from directly, or indirectly, becoming involved in the promotion, formation or management of a company, without the permission of the court.

Dave Elliott, Chief Investigator at The Insolvency Service said, “Inderjit Singh Dadial had significantly inflated the turnover on the application to obtain a loan to which Cali Juices Limited was not entitled.”

“The Insolvency Service will not hesitate to investigate and use its powers against those who have abused the COVID-19 support schemes.”, Mr Elliot added.

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