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UK: Over £5.5bn of Covid support funds lost to fraud or error

More than £5.5bn of taxpayer money from the government’s coronavirus assistance schemes including furlough, self-employed support and “eat out to help out” was paid out to fraudsters or given out incorrectly. It emerged on Thursday that £5.2bn paid out by the government under the coronavirus job retention scheme, widely known… Read More

Revealed: The Cryptoqueen’s £13.5m London penthouse

A money-laundering trial in Germany is shining a light on the purchase of a luxury London penthouse by cryptocurrency scammer Dr Ruja Ignatova. Jamie Bartlett and Rob Byrne of The Missing Cryptoqueen podcast explain how she used British-based lawyers and wealth managers – who continued to offer their services after… Read More

U.K. Fraud Police Drop Probe of Individuals in Amec Bribery Case

The U.K.’s fraud prosecutor closed its investigation into individuals over bribery at Amec Foster Wheeler Plc, after the British engineering firm’s parent company settled the four-year probe earlier this year. John Wood Group Plc, which acquired Amec in 2017, agreed to pay $177 million as part of a… Read More
28th October 2021
By Garbrielle Gorder, InSight Crime, 27 October 2021 InSight Crime — A yacht, found off the coast of Portugal with the country’s largest-ever haul of cocaine, illustrates how these smaller, private vessels have become a favored modus operandi to move cocaine between Latin America and lucrative European… Read More
28th October 2021
A boy who set up a fake website as part of a “sophisticated cyber fraud” has had more than £2m of cryptocurrency seized by police. The 17-year-old, who cannot be named for legal reasons, used it to dupe users of a digital gift voucher site into entering their personal details. Read More
27th October 2021
Petrofac, the London-listed oil group, will this week unveil plans to tap shareholders in a £180m fundraising that will be used in part to pay a Serious Fraud Office (SFO) fine for bribery offences. By Mark Kleinman, Sky News, 25 October 2021 Read more at Sky News… Read More
26th October 2021
Tesco’s website and app are up and running again after a hack, which left thousands of customers unable to shop online at the weekend. The outage, which meant customers were unable to unable to book deliveries or amend existing orders, began on Saturday morning and continued into… Read More
25th October 2021
Alison Rose just cannot get away from the scandals that have dogged NatWest for the past decade. When the bank, formerly Royal Bank of Scotland, reports its third-quarter results on Friday, the figures are likely to include a hit of about £200 million in anticipation of a fine for failing… Read More
25th October 2021
The City watchdog buried its own finding that its top bosses missed an opportunity to stop scammers pushing investments which later collapsed with almost £70m of savers’ cash, internal correspondence indicates. The documents raise further questions about Bank of England governor Andrew Bailey’s failure to stop an… Read More
25th October 2021
Senior prosecutors at the Serious Fraud Office have been accused of keeping secret key documents that detailed their misconduct in one of their biggest bribery investigations. Lisa Osofsky, the SFO director, and senior colleagues have been criticised for maintaining improper contact with a US private investigator during… Read More
22nd October 2021
A government taskforce is to meet on Thursday to discuss ways to tackle the sharp rise in scams that has hit the UK since the start of the pandemic. Groups representing banks, telecoms companies and consumers will meet with the minister for security, Damien Hinds, to discuss measures to tackle… Read More
21st October 2021
British lawmakers have asked the Financial Conduct Authority why it took five years to prosecute NatWest (NWG.L) for failing to prevent the laundering of nearly 400 million pounds ($551.28 million), after the lender pled guilty earlier this month. By Lawrence White, Reuters, 20 October 2021 Read more… Read More
20th October 2021
Credit Suisse Group AG, a global financial institution headquartered in Switzerland, and Credit Suisse Securities (Europe) Limited (CSSEL), its subsidiary in the United Kingdom (together, Credit Suisse), have admitted to defrauding U.S. and international investors in the financing of an $850 million loan for a tuna fishing project in Mozambique,… Read More