Case details for Mohammed Mamunur HUSSAIN

Name: Mohammed Mamunur HUSSAIN

Name: LOUNGE INDIA LOWESTOFT LTD

Date of Birth: 7 / 10 / 1988

Date Order Starts: 2 / 5 / 2022

Disqualification Length: 11 Years 0 Month(s)

CRO Number: 11352853

Last Known Address: 37 Laxton Way,, , , , BEDFORD,, MK41 7FH

Conduct: On 14 July 2020 Mohammed Mamunur Hussain (“Mr Hussain”), in breach of the terms of the Bounce Back Loan (“ BBL”) scheme, caused Lounge India Lowestoft Limited (“Lounge”) to fraudulently obtain a Bounce Back Loan (“BBL”) of £40,000 having previously obtained a BBL of £10,000 from a different lender in May 2020 . This breached the conditions of the BBL scheme as only one BBL was permitted at that time. Further it was a requirement of the BBL scheme that a loan was used for the economic benefit of a company, Mr Hussain has failed to provide evidence that BBL funds of £34,282 were used for the economic benefit of Lounge. In that 1. In May 2020, Mr Hussain submitted a BBL application to a lender (“the first lender”) on behalf of Lounge requesting the sum of £10,000 and the BBL proceeds of £10,000 were paid into Lounge’s bank account on 08 May 2020. 2. On 14 July 2020, Mr Hussain made a second BBL application on behalf of Lounge in which he requested additional BBL funds of £40,000 from a different lender (“the second lender”). 3. The application form submitted to the second lender and signed by Mr Hussain included a declaration confirming that this was the only BBL application made for this business. 4. On 14 July 2020, the second lender paid £34,654 into Lounge’s bank account, having used £5,346 of the BBL funds from the second lender to clear Lounge’s credit card debt with them. 5. On 20 July 2020 Mr Hussain transferred £15,000 to himself from Lounge’s bank account and on 27 July 2020 he transferred a further £19,282 to himself. It was a requirement of the BBL scheme that the BBL funds be used for the economic benefit of Lounge. Although Mr Hussain has stated that the BBL funds were used for business expenses, he has failed to evidence that this was the case. 6. On 27 May 2021 Lounge went into liquidation. 7. The first BBL lender has confirmed an outstanding balance of £9,000 at the date of liquidation and the second lender has confirmed an outstanding balance of £40,000 at that point. 

This information is correct as at 11 / 4 / 2022



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