Investigators found that the woman quickly moved the funds into personal accounts.
A well-known Cardiff accountant and street food business operator has received a prison sentence of two years and three months. She was convicted of systematically taking £216,250 from emergency COVID-19 business support programs to purchase stocks and pay off credit card balances.
Rupali Wagh, aged 51 and based in Cardiff, appeared at Merthyr Tydfil Crown Court. The judge described her conduct as entirely dishonest and motivated by personal profit.
The British South Asian businesswoman ran a bookkeeping company and Indian street food operations in several areas.
Behind the image of a diligent local entrepreneur was a deliberate scheme that exploited the 2020 pandemic for unlawful financial gain.
From May to September 2020, Wagh focused on the UK government Bounce Back Loan scheme. While eligible firms could obtain only one loan, she obtained five separate loans plus two further emergency grants.
Her actions involved several companies she controlled. For One2Four Accounting Ltd she secured a £16,250 loan in May 2020 after declaring a turnover of £65,000. Records showed actual turnover was £39,000. Funds were transferred at once to personal accounts for stock purchases.
For Talensetu UK Ltd she obtained the maximum £50,000 in June by claiming turnover of £218,000. The firm was inactive. She repeated the process through another bank in July and sent over £25,000 to an account in India.
She also targeted her street food businesses. For White Coconut Ltd she claimed turnover of £252,000 while already having received £18,000 improperly from another bank. In September she obtained a further £50,000 through Indian Canteen Ltd.
Her defence cited a difficult divorce and claimed the actions aimed to protect staff. Prosecutors showed most funds went to stock trading and personal debt repayment.
The Insolvency Service investigation led to the case. Wagh argued that settling personal debts helped her companies. The chief investigator said she had targeted a scheme meant for genuine businesses during a major crisis.
The judge imposed immediate custody, stating a suspended sentence was unsuitable for such planned and repeated offences.
