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SFO launches fraud crimes probe

Published on 3 Jul 2009 under category: legal

An investigation is underway into fraud crimes involving the loss of more than £100 million.

The Serious Fraud Office (SFO) has launched a probe into an incident involving investment firm Keydata.

It has emerged that the money of some investors using the company, which went into administration last month, has disappeared.

Reports suggest that around 5,500 people could be affected by this, with £103 million missing.

Administrators PricewaterhouseCoopers stated that it will not be able to sell the company at present due to these potential fraud crimes.

A statement from the Financial Services Authority (FSA) revealed that it is also involved in the probe.

It said: "The FSA is now working closely with the administrators to reach a solution for investors as fast as possible."

Earlier this week, figures released by BDO Stoy Hayward revealed that fraud crimes cost businesses in the UK £960 million in the first six months of 2009.