Stanislav Genadiev declared in applying for the two loans that he would use the funds for the economic benefit of his business. Instead, he spent the money clearing his own personal debts, paying for everyday items such as groceries, and even buying himself designer clothing. This was not how the loans were supposed to be used, and the Insolvency Service takes a zero-tolerance approach to those who so blatantly steal from the public purse.
Genadiev first applied for a 50,000 loan in July 2020, claiming his K and S Installation Ltd electrician business had a turnover of 200,000 in 2019. Accounts for the company, seen by the Insolvency Service, revealed the real turnover was closer to 85,000. In a statement to investigators, Genadiev said he used the funds to pay off his personal debts, which were unrelated to his business. Money from the account was also used for groceries and clothing.
Collection
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