4mths to call agencies on Covid fraud
BANK bosses did not call in the anti-fraud squad until after 80% of Covid loans were handed out.
An estimated £1.1billion of taxpayer cash was lost.
Up to £50,000 was handed to firms from May 2020 in the bounceback loans scheme announced by PM Rishi Sunak.
British Business Bank officials did not hold formal meetings with crime agencies until September 16, 2020, four months after the cash started to be handed out.
Labour MP Tulip Siddiq said the fraud “should be a source of enduring shame” to Mr Sunak.
The BBB last night said officials held discussions on fraud as part of roundtables with crime agencies before formal meetings.