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Government seizure of fraud profits 'unimpressive'

Published on 12 Apr 2010 under category: legal

Attempts to pay back profits to fraud victims have so far only yielded around £29.1 million, out of a reported £174 million that is owed, according to new figures.

The statistics, reported in The Times, have found that a promised government crackdown and mission to retrieve fraud profits has so far failed.

According to the Crown Prosecution Service (CPS), almost a fifth of criminals owing over £1 million had failed to make any repayments at all.

Among the names published by the government body are Asad Chohan, Amer Munir and Craig Johnson.

Some of the outstanding money will not be retrievable, according to the CPS.

In one instance cited by the CPS, £1.4 million had been written off because it was impossible to trace the criminal.

In addition, another £21 million is still at the receivers, because it was laundered through firms.

It is estimated that £118 million of profits from fraud are deposited overseas.

If you require advice on Corporate Fraud please call us on +44 (0)20 7831 0101 and ask for Dan Hyde.