- Organised gang frauds double in second half of 2006
- 40 percent of fraud (£350m) committed by managers
- Government and investors the biggest victims
A surge in frauds perpetrated by organised crime gangs led to a record number of fraud cases in 2006, according to KPMG Forensic's Fraud Barometer. The year saw 277 fraud cases coming to court, the largest number ever recorded in the 20 year history of the Barometer. Over 40 percent of all fraud cases in the second half of last year were carried out by professional criminals (63 cases out of 154), compared with a quarter of cases in the first half of the year (30 out of 123). Meanwhile, companies' own managers were responsible for 40 percent of fraud by value - some £350m.
KPMG's analysis, the longest-running research in the UK of its kind, considers major fraud cases being heard in the UK (charges of over £100,000 in the Crown Court). The 277 cases reaching court in 2006 were worth £837m, compared to 222 cases worth £942m in 2005.
See full Press Release.
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