London fraud jumps to highest in 20 years | Business

London fraud jumps to highest in 20 years | Business: "level of fraud in London hit its highest level in more than two decades last year, with the average case now worth more than £7.5 million.

The annual Fraud Barometer, published today by accountancy group KPMG, showed that 80% of the UK's fraud took place in the capital last year.

The aftermath of the recession triggered a 33% jump in the number of cases, up to 143 in 2010 from 107 the previous year.

Hitesh Patel, KPMG forensic partner, said: “Fraudsters are becoming increasingly sophisticated, focusing on the big institutions where a successful hit can see them walking away with large amounts of cash.”

Some of the biggest cases of the year included a gang of Ukrainian builders who netted £8 million in fraudulent tax rebates and spent the cash on prostitutes, top-marque cars and riverside apartments before being sentenced to six years in prison."