East London builder banned after lying about profits for £50k loan

A builder has been banned as a company director for fraudulently claiming tens of thousands of pounds that his business was not entitled to claim.

Ioan Marcu, 38, of Lindfield Road, Romford, inflated his company's turnover figures to secure the maximum £50,000 available under the Bounce Back Loan Scheme in 2020 as part of the Covid support fund.

Following investigations by the Insolvency Service, Marcu was disqualified as a director for 10 years in January 2025. He has now signed a formal agreement to repay more than £38,000 - the difference between what his company legitimately qualified for and what it actually received.

Marcu was the sole director of Imbusi Ltd, a company incorporated in August 2014. In July 2020, he applied for a £50,000 Bounce Back Loan, claiming his company had a turnover of £280,000.

Investigation of the company's accounts revealed this figure was overstated by more than £230,000, and that Imbusi was only entitled to a loan of £11,451.

Ann Oliver, Chief Investigator at the Insolvency Service, said: "Ioan Marcu significantly overstated his company's turnover in order to receive the maximum amount of money businesses were entitled to under the Bounce Back Loan Scheme.

"This was clearly an inaccurate declaration which has resulted in him being banned as a director until the start of 2035.

"Marcu has now signed a compensation undertaking which legally requires him to pay back all the public money the company should never have received in the first place."

The Secretary of State for Business and Trade accepted a compensation undertaking from Marcu on Thursday 24 April, committing him to repay £38,549 in monthly instalments.

His disqualification prevents him from being involved in the promotion, formation or management of any company until 2035 without court permission.

Imbusi Ltd went into liquidation in July 2022 with liabilities exceeding £63,000.

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