"Have no money to pay it back" applies to many companies (including many banks) that borrowed money and to many house owners, too. Would you conclude they have no intention of paying it back, too?

Many companies also spend money they lent on frivolous stuff (end of year parties, football tables, etc) that doesn't obviously contribute to the bottom line, so buying some booze and spending some money on strippers, in itself, isn't fraud.

Back to this case: I can see how this would be "obtaining financial advantage by deception and knowingly dealing with the proceeds of crime", just as taking money from someone's open purse would be.