Summary
- Gerald Smith, 69, received a fraudulent £50,000 Covid loan to pay off a £72 million court order from a previous fraud case
- He spent the money on court fees, lavish lifestyle expenses, and remained silent when arrested
- Smith had previously been involved in a 2006 fraud case where he stole over £34 million
- City of London Police emphasized their intolerance towards exploiting financial aid schemes during difficult times.