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Fraud crimes 'reach £960m'

Published on 2 Jul 2009 under category: legal

Fraud crimes cost businesses in the UK £960 million during the first half of this year, the latest research has revealed.

According to BDO Stoy Hayward's six month study, this comes after £1.2 billion was lost in this way during 2008.

The £960 million figure is the highest since the body began its working looking into corporate fraud crimes and represents a £255 million jump from the same period last year.

This money was lost through 182 reported cases, 61 more than in the first half of 2008.

Simon Bevan, head of the group's fraud services team, suggested that things could still get worse for companies.

He said: "We’re being asked to look at bigger and bigger cases. From a fraud point of view, we're a long way from the bottom."

In related news, the funds of Texan billionaire Sir Allen Stanford were recently frozen by the Serious Fraud Office.