A British Indian soft drink businessman from central England has been banned from serving as a company director for nine years after he admitted inflating company figures in a claim loan.
Inderjit Singh Dadial, 32, from Wolverhampton, was the sole director of Cali Juices Ltd, a specialist soft drinks wholesaler, which was incorporated in 2019 with a registered address in Wolverhampton.
In June 2020, Inderjit Singh Dadial applied for and was granted £50,000 under the Bounce Back Loan scheme.
Company accounts ending January 2020, however, showed turnover of just over £2,000, but the Insolvency Service investigation found Inderjit Singh Dadial had lied and said the figure business was £250,000.
The company was in fact not eligible for any money under the scheme based on its actual accounts and income received in the company’s bank account.
The Secretary of State for Business, Energy and Industrial Strategy has accepted a disqualification pledge from Inderjit Singh Dadial after he admitted grossly inflating the company’s turnover to secure the Bounce Back loan. His ban runs from March 21, 2022 and lasts 9 years.
The forfeiture undertaking prevents him from getting involved directly or indirectly in the promotion, constitution or management of a company, without judicial authorization.
Dave Elliott, chief investigator for the Insolvency Service, said: ‘Inderjit Singh Dadial had significantly inflated the turnover of the application for 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 COVID-19 support programs,” Elliot added.