Firefighters are battling to extinguish a blaze at a property in Grangemouth. Up to six fire appliances raced to the scene in Brooke Lane in the town at 9.25pm, with one casualty currently being treated by paramedics.
Rogue Scots property dealer pocketed £100K after fraudulently using Covid business loan scheme
13.11.2022 - 13:19 / dailyrecord.co.uk
A rogue property dealer pocketed £100,000 from a house sale after buying it with a government Covid loan his companies weren’t eligible for.
Brendan Gaughan has been banned as a director for 12 years and could face prosecution and a possible prison sentence over his scheme.
An investigation found he had wrongly taken out £135,000 of UK Government Bounce Back Loans (BBL), which were set up to help businesses cope with the pandemic l ockdown.
He used it to buy a property in Knightswood, Glasgow, for £160,000 and seven months later sold it for £140,000 – putting £100,000 of the proceeds into his own bank account.
Launched in April 2020, the 12-month government scheme provided 100 per cent guarantees to banks if companies failed to repay the loans. The maximum loan available per company was £50,000.
At the time of lockdown, Gaughan ran three separate property management companies, Gaughan Group, Gaughan Property, and Rentl Property.
They had been set up in February 2020 but did not start trading until April 2020 – the same month the loan scheme was launched.
As a result, they were not eligible for BBL funds, which were available only to firms that had been trading from March 1.
Two months later, Gaughan Group and Gaughan Property each received £50,000 of BBL money and Rentl Property Ltd £35,000.
Gaughan, 40, transferred all the funds into a single account and proceeded to use the money to buy the £160,000 house in August 2020.
He then sold the property in March 2021 for about £140,000 and on the same day transferred £100,000 of the proceeds to his personal account, the UK Government’s Insolvency Service found.
All three Gaughan companies were put into liquidation in October last year, which triggered a probe. Gaughan then
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