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Investigations underway into fraudulent use of government's emergency Covid loans

National News // Sept. 1, 2020

There are around 850 separate investigations going on linked to the government’s emergency loan programme designed to help small businesses. 

Unsplash Investigations underway into fraudulent use of government's emergency Covid loans

The government says almost CHF 17bn has been lent out. 

But some saw an opportunity and took out multiple loans or lied about how much money their company turned over. 

For some companies this amounts to millions of francs. 

An investigation by the Blick newspaper shows the money was spent on luxury cars in some cases. 

In all, it’s thought around CHF 50m could have been handed out fraudulently – CHF 17m alone in Zurich. 

But the canton’s prosecutor told the paper those who’ve taken advantage of the government’s generosity will be punished. 

 

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