Haralambos Ioannou, a UK business owner, was sentenced to 22 months in prison for fraudulently obtaining a Covid loan of £50,000 and spending it on cryptocurrencies and gambling instead of business expenses. He has to pay £40,000 in restitution and complete 150 hours of unpaid work.
Ioannou initially used his first Covid loan correctly for his glass-fitting business. However, he illegally secured a second loan and misapplied those funds for personal luxury including cryptocurrency investments and gambling.
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