The startling news of the virtual privatisation of fraud investigation came as it appeared uncertain whether the government would be able to find the £85m required to set up a national fraud squad.
‘If the government is unlikely to fund the £85m it is likely to cost for the National Fraud Squad, industry must consider funding this itself,’ said Sean Holohan, a fraud investigator at BDO Stoy Hayward.
Holohan said companies could not continue to think they could turn to the police for a free investigation.
The wake-up call to industry came after Supt Ken Farrow, the head of the City of London Police fraud squad said the future was bleak for fraud policing unless the government provided additional resources.
Companies that turn to the police for help with fraud investigations will have had to carry out a large degree of the investigation themselves, warned Alex Plavsic, KPMG’s head of fraud investigation, despite few finance directors showing an appetite for picking up the bill.
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