A Lincolnshire businessman who is on trial accused of defrauding a Government agency said he had no idea it was going on, a court heard.
Andrew Rendell-Read, 61, of Weston Hills, is alleged to have extracted a profit of £260,000 from Government agency Innovate UK in a joint fraud operated with his wife and business partner, Catherine McGreggor.
Lincoln Crown Court heard the vehicle for the fraud was a Wellingborough based engineering company, VBC Instrument Engineering (VBC), of which the couple were both directors.
Prosecutors claim the ‘husband and wife’ defrauded Innovate UK by submitting false invoices and the costs of two ghost employees during a funding project related to the automated manufacture of aerospace blades.
As part of the project Innovate UK reimbursed 41 per cent of the costs incurred by VBC, the court heard.
But during a series of police interviews Mr Rendell-Read denied he was responsible for making payments or submitting any of the fraudulent invoices.
“I had no idea this was going on,” Mr Rendell-Read insisted.
During the interviews Mr Rendell-Read accepted that invoices were submitted by other people at VBC during the period of the fraud.
The jury heard McGreggor has pleaded guilty to her involvement in the fraud but Mr Rendell-Read, of Broadgate, Weston Hills, Spalding, denies two fraud offences and a third charge of possessing forged invoices.
Investigators asked Mr Rendell-Read to explain plans for an extension at his Weston Hills home.
“We were going to get a loan,” Mr Rendell-Read replied. “We were going to remortgage the house.”
Mr Rendell-Read was also asked about four cars found at his home. They included a Range Rover, a Maserati, a kit car and a Chrysler.
“I’ve worked my rear end off the last year,” Mr Rendell-Read explained.
Mr Rendell-Read added that a Rolex watch discovered during the search was a wedding present from his wife after they married in 2016.
It is alleged Mr Rendell-Read made false expenses claims relating to Innovate UK between December 3, 2015 and September 11, 2018.
Mr Rendell-Read also denies abusing his position as a director of VBC Instrument Engineering by transferring funds from business expenses between February 10, 2016 and April 18, 2019.
He also faces a third charge of possessing articles for use in fraud, namely forged invoices, between February, 10 2016 and August 11, 2018.
The trial is expected to last two weeks and continues at Lincoln Crown Court.
