Sameer Saeed, a convicted Covid loan fraudster, has sold his BMW and flat to repay the £50,000 he fraudulently secured through the government’s Bounce Back Loan Scheme. Saeed, 44, was handed a suspended prison sentence and banned from serving as a company director in December 2022 after admitting to the fraudulent application for a loan in 2020, as well as an unsuccessful attempt to secure another.
Saeed, the sole director of Digital Business Box Ltd and The Home Wills Ltd, applied for the £50,000 loan in June 2020, claiming his company’s turnover was £200,000, though he later admitted it was closer to £60,000. The funds were used to clear personal debts and support his family, with £19,000 spent on car repairs and a 2015 BMW X5.
Merely 12 days after receiving the loan, Saeed attempted to strike off Digital Business Box Ltd from the Companies House register without informing the lending bank, breaching his legal obligations. A later attempt to obtain a loan for The Home Wills Ltd was rejected.
In December 2022, Snaresbrook Crown Court sentenced Saeed to a 20-month suspended sentence, disqualified him from being a director for three years, and ordered him to complete 300 hours of unpaid work and contribute £2,000 towards prosecution costs. Following confiscation proceedings by the Insolvency Service, he was compelled to sell his BMW in June 2023 and finalised the sale of his Ilford flat in October 2024, completing the repayment of the illicit funds in full.
Digital Business Box Ltd and The Home Wills Ltd were both dissolved, in October 2020 and June 2021, respectively.
