Timilehin Olasemo and Olufunmi Akinneye have both been sentenced to five and three years imprisonment respectively for conspiracy to commit fraud, money laundering charges and romance fraud.
The duo reportedly defrauded the United Kingdom of £489000 under the guise of the Bounce Back Loan scheme, which was established to help support businesses that were adversely affected by the economic effect of the coronavirus.
They had successfully received the sum of £297,000 before they got caught when trying to receive the remainder of the loan. The two pleaded guilty to the offences levelled against Economic Crime Unit at the Southwark Crown Court.