TWO Belfast businessmen appeared in court on Friday where they admitted loan fraud committed during the Covid 19 pandemic.
Darren Service (43) and 28-year old Adam Boyd appeared at Belfast Crown Court where they admitted de-frauding the Ulster Bank.
Service, from Ballysillan Road, was charged that on May 11, 2020 he made a false representation in respect of a bounce back loan application, namely that Darren Service Limited had an annual turnover of £160,000 when the company did not have such a level of turnover, with the intention of making a gain for himself or causing loss to Ulster Bank Limited.
From Primrose Street, Boyd was then charged with a similar offence in that on May 8, 2020 he made a false representation in respect of a bounce back loan application, namely that AB Fitness Limited T/A Fitness Hub had an estimated annual turnover of £200,000 when the turnover of the business from date of incorporation did not support that level of estimation, with the intention of making a gain for himself or causing loss to Ulster Bank Limited.
Following the arraignment, a Crown prosecutor told Judge Patricia Smyth that in light of Service’s plea, a further three charges of fraud by false representation regarding bounce back loans levelled against him were being “left on the books” and were not being proceeded with.
The prosecutor also told the Belfast Recorder that “there have been some monies repaid” by Boyd but “there has been nothing repaid” in respect of Service.
Service’s barrister Michael Forde then addressed the judge and said: “There is information we can provide to the court in relation to that. There was some money seized from his house but we’ll address that in written submissions.”
Judge Smyth set the date for the plea hearing as Friday November 22 and both were released on continuing bail.