£30m lost as City hit by fraud

The massive scale of fraud activity in the City of London was revealed in figures released today.

The newly appointed police chief in charge of the Square Mile announced a five-fold increase in the amount of money obtained and targeted by organised gangs and individuals last year.

Fraudsters got away with nearly £30million - three times the previous year's amount - while attempts were made to steal a further £650 million.

City of London Police Commissioner James Hart warned that his force was being stretched by the demands of fighting crimes such as fraud and street robbery while attempting to prevent terrorist attacks.

He revealed that the cost of fraud to the business community throughout the UK amounted to an estimated ? 14 billion, though this was likely to be a conservative figure as most companies were reluctant to report thefts.

Det Supt Ken Farrow, in charge of the fraud squad, said police were alarmed about the trend involving employees stealing from bosses.