Coronavirus: Arrest over £110k Bounce Back Loan fraud

Police found that a number of mule bank accounts had been used to receive proceeds from fraudulent applications for Bounce Back Loans

Getty Images Bitcoins — Police found that a number of mule bank accounts had been used to receive proceeds from fraudulent applications for Bounce Back Loans

More than £110,000 in crypto-currency believed to have come from fraudulent loans designed to help small businesses during Covid-19 has been seized.

A 35-year-old woman was arrested in Ipswich on Wednesday on suspicion of fraud and money laundering.

Detectives found a number of mule bank accounts - used to transfer criminal cash on behalf of others - had been used to receive the proceeds of fraudulent applications to the scheme.

The Bounce Back scheme began in May.

Officers from the Metropolitan Police, along with Suffolk Police, searched a home in Ipswich on Wednesday and found several children on their own.

The suspect was found nearby and arrested on suspicion of fraud, money laundering and child neglect.

'Taking advantage'

She was later released while inquiries continue after being interviewed.

On Thursday, Met officers successfully applied to a London magistrates' court for the detention of £115,000 of cryptocurrency.

The investigation continues.

Det Sgt Ian Barrett said: "For people to take advantage of government support available to those who really need it in these unprecedented times is appalling.

"I would like to assure the public that the Met remain committed to working with institutions in the regulated financial sector and law enforcement partners to tackle organised financial crime and bring these serious criminals to justice."