The Insolvency Service investigation found Marcel Ion, 39, from Bromley, to have claimed his company, Mavion Group, to be earning £205,410.

However, Mavion was found to have earned just £82,900 between January and December 2019.

This was in breach of the conditions of claiming this amount, along with not providing any information proving the money was spent on the company.

The £50,000 loan was applied for in June 2020, with Mavion Group being liquidated in August 2022 still owing the loan in full. In total, Marion Group owed £181,027.53 when the company was liquidated, with £25,804.30 being owed in VAT.

Five days after the loan funds were deposited into Ion’s business account £34,360 was transferred into his personal account, with no evidence of this being used to benefit the company.