Case details for Muhammad RAIS

Name: Muhammad RAIS


Date of Birth: 8 / 4 / 1980

Date Order Starts: 7 / 11 / 2022

Disqualification Length: 9 Years 0 Month(s)

CRO Number: 11232141

Last Known Address: 338 East Park Road,, , , , LEICESTER,, LE5 5AY

Conduct: Muhammad Rais (“Mr Rais”) caused LOKMA BBQ Limited (“LOKMA”) to apply for a Government backed Corona Virus Bounce Back Loans (BBL’s) of £50,000 which LOKMA did not have sufficient turnover to qualify for, in particular: • He was appointed sole Director on 28th June 2020, the previous Director resigning on the same date. • Professionally prepared financial statements for LOKMA for the year ending 31st March 2020 show turnover of £66,222, Comparative figures for year ended 31st March 2019 show turnover of £74,442. • On the 2nd September 2020 an application for a BBL of £50,000 was made by LOKMA. The form has been electronically signed by him. • In the Loan Details section of the application, the form states “You can apply for a loan which is up to 25% of your turnover in calendar year 2019, from a minimum of £2,000, up to a maximum of £50,000. If your business was established after 1st January 2019, you should apply the 25% limit to your estimated annual turnover from the date you started your business.” • The annual turnover is stated as £200,000 and the amount to be borrowed is £50,000. • The checkbox which asks for confirmation that this is equal to or less than 25% of annual turnover for 2019 or estimated annual turnover has a cross marked in it. • Section 17 of the Declaration states: “I/ we recognise that by providing information that is inaccurate or incomplete in any material particular, I /we may be regarded as attempting to gain, or gaining, a financial advantage dishonesty and as such will be liable to prosecution for fraud under the Fraud Act 2006.” • Section 18 state: “I/we confirm that the information provided in this application is complete and accurate.” • As a result of this application £50,000 was credited to LOKMA’s Bank Account on 3rd September 2020. • Based on the Turnover of £74,442 shown in the Accounts to 31st March 2019, the maximum LOKMA qualified to apply for under the BBL scheme would be £18,610 and based on the turnover shown in the accounts to 31st March 2020 of £66,222, the maximum BBL which could apply for is £16,555. • As a result of the inaccurate turnover figure shown in the application form, LOKMA has obtained Government backed loan proceeds of at least £31,390 more than it qualified for. • LOKMA entered Liquidation on the 11th January 2022 with debts totalling £92,981, which includes £50,000 owed to Barclays in respect of the BBL. 

This information is correct as at 17 / 10 / 2022

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