BDO Stoy Hayward's Fraudtrack report has found that fraud involving businesses hit £538m in the first half of 2007, up 42% from 2006.
The firm warned that business fraud was becoming more attractive because of growing rewards and falling chances of prosecution.
The firm noted that VAT fraud was so lucrative that criminals only needed to hide away a few percent when they got caught.
'Many fraudsters are laughing all the way to their offshore tax haven,' said BDO's Simon Bevan.
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