The number of alleged fraud cases exceeding £100k heard in Crown Courts across the Midlands dropped from 27 cases with a total value of £20.3m during the first half of 2021 to 16 cases with a total value of £13.7m for the same period in 2022, according to KPMG UK’s Fraud Barometer.
Looking across the alleged fraud cases heard in the Midlands between 1 January and 30 June 2022, the general public remained the most common victims, suffering losses amounting to £1.5m across eight cases. Businesses and government agencies were the two other main class of victims, with alleged losses amounting to a combined £2m across six cases.
The primary perpetrators were professional criminals, this is consistent with the national trend observed for the first half of 2022.
There was a notable change in the absence of alleged fraud committed against financial institutions, a contrast to H1 2021 when the value of alleged fraud amounted to £1.1m. Another notable change was the decrease in the number of cases allegedly perpetrated by individuals in management roles or employees, down 53% from 15 cases to seven in the same period.
Julie Bruce, Forensic lead for KPMG in the Midlands, said: “As the cost-of-living crisis continues to bite, members of the general public in particular need to stay alert for instances of fraud. The data has highlighted that fraud can take many forms and will have a lasting impact on those who have fallen victim.
“It is paramount that business and organisations ensure that they have anti-fraud controls and deterrents in place to defend fraudulent activity.”
Case studies to reach the region’s courts during this period include:
- A prominent businessman abused his role as a pension trustee and allegedly invested £10m from employee pension schemes into his new motorcycle business.
- A couple were jailed after defrauding the public purse in a scheme that exploited government systems designed to support businesses. The pair allegedly submitted over £7m in fake invoices which allowed them to claim over £1m in VAT from HMRC.
- A man has been jailed after scamming almost £500k from unsuspecting victims in a fraudulent car-selling scheme.
