RegulationCorporate GovernanceFraud soars in the UK

Fraud soars in the UK

First half of 2006 sees fraud problems soar

The first six months of 2006 have seen a surge in fraud, according to new
figures.

KPMG Forensic’s fraud barometer has revealed there were 123 fraud cases
reaching court in the UK, representing £653m, compared with 88 cases worth more
than £250m for the first half of 2005.

So-called ‘super-cases’, such as the £200m prosecution over the collapse of
investment company Imperial Consolidated and a £100m case case over alleged
attempts by a number of companies to defraud the NHS through drug price-fixing
pushed the figures up.

The government bore a £218m cost due to fraud, while investors were the
biggest victims at £267m.

‘Unfortunately, fraud seems to be reaching new heights right now, although we
can take some comfort from the fact that more cases are being successfully
brought to court,’ said KPMG Forensic partner Jeremy Outen.

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