Romford woman jailed for illegally claiming £ 489,000 from Covid loan scheme
March 18, 2021
Timilehin Yvette Olasemo pleaded guilty to conspiring to commit false representation fraud. (Metropolitan Police Service)
A Romford woman has been jailed for using the identities of eight innocent people to fraudulently obtain £ 489,000 from the government’s coronavirus rebound loan program.
Timilehin Yvette Olasemo, 39, of Bedale Road, stole employee records from eight people and used their identities to start bogus businesses.
She then sought support for the government loan program that had been put in place during the coronavirus pandemic.
The program was designed to process requests quickly and with limited security checks to ensure real businesses get the support they need during the crisis.
As Olasemo’s fake business accounts were registered at a separate address from the address of the personal account holder, its existence would not have been noticed by the real personal account holder until the bank sued them for the loan repayment.
She was successful in securing £ 297,000 in loans out of the £ 489,000 she requested. The rest were successfully stopped by the banks.
The fraudulently obtained money was paid into the company’s bank account before being dispersed to mule accounts and then withdrawn from ATMs.
Throughout the process, Olasemo sought advice from his accomplice Olufumi David Akinneye.
He advised her on how to launder the fraud proceeds and gave her safe addresses to use as correspondence for the accounts.
Akinneye also acted as an intermediary between people who were willing to sell on their bank accounts for fraudulent use and other fraudsters who needed mule accounts to receive money obtained from embezzlement frauds.
Officers first identified Akkineye during ongoing organized crime investigations and used the evidence seized during his arrest to identify Olasemo.
She was arrested at her home in Romford on Friday October 16 and charged the same day.
Olasemo pleaded guilty to conspiring to commit false statement fraud and was sentenced to three years and two months in Southwark Crown Court on Wednesday March 17.
“Today’s result serves as proof of the zero tolerance approach the MPS has taken to those convicted of fraud,” Detective Constable Chris Collins said.
“We will continue to crack down on individuals who exploit government schemes for their own monetary gain. “
Akinneye was sentenced to a total of five years and six months’ imprisonment for conspiracy to launder money and conspiracy to commit fraud.
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