Indian-origin soft drink businessman misused Kovid loan scheme
An Indian-origin businessman has been banned for taking loans by showing false figures under a loan scheme launched for businesses suffering losses due to the coronavirus pandemic.
Inderjit Singh Dadial, a British businessman of Indian origin, has been barred from holding the directorship of the company for nine years. Soft drink trader Dadial has admitted to showing false figures to get loans under a COVID-19 global pandemic support scheme.
Inderjit Singh was the sole director of Kali Juices Limited. The company was started in the year 2019 and is a wholesaler of Specialized Soft Drinks. Its registered address is Wolverhampton. In June 2020, Dadial had secured a loan of 50,000 pounds from the government’s ‘Bounce Back Loan’ scheme.
The company’s accounts showed a turnover for January 2020 of only £2000. However, an investigation by Britain’s Insolvency Service found that 31-year-old Daddyal had actually lied and displayed false figures of his company’s turnover in order to obtain loans.
Dave Eliot, Principal Investigator of Insolvency Services, said that Kelly Juices Ltd was not entitled to the loan and Inderjit Dadial had given incorrect turnover figures to get the loan. He further said that the investigation found that his company was not eligible for any loan under the scheme.