BDO report: massive rise in business fraud

BDO report: massive rise in business fraud

Fraud involving businesses up 42% from first half of 2006

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.

Further reading:

VAT fraud cases pour into courts

Tax fraud: the criminal element

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