Property Boss Jailed for Raking in £50k Covid Loan Scam
Fake Turnover Nets Full £50,000 Bounce Back Loan
Craig Smith, 42, fibbed big time to snag the full £50,000 from the government’s Covid Bounce Back Loan scheme.
The Midlands-based boss of C.A.S. Property Maintenance (Midlands) Limited blew up his annual turnover to £200,000 – when it was actually just £33,578. Smith set up the company in April 2020 but applied for the loan in August, using his own name despite the scheme being for businesses trading since early March.
Two Years Behind Bars for Loan Fraud
- Smith got slammed with a 2 years and 1-month jail sentence at Wolverhampton Crown Court on 17 October 2025.
- He admitted guilt to fraud by false representation back in August 2025.
- Smith quit as company director in July 2021; the company folded in 2022 without filing any accounts.
Insolvency Service Cracks Down on Cheats
“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.”
