The London Daily News

22 June, 2009 10:18 (GMT +00:00)

Fraud in the City exceeds £1 billion

Crime Desk

The new zeal from the City of London to pursue fraud cases has lead to a larger number of cases being investigated seeing a 63% per cent increase over the last year with a staggering 10,000 new cases .

Steven Head the chief of the City of London police force has also warned that the recession will see more fraud cases with the number of "Ponzi style" schemes emerging.

Boiler room frauds have also grown over the last year with the government set to launch in the next six months the National Fraud Reporting Centre and the National Fraud Intelligence Bureau, with various government bodies signing a memorandum of understanding to enhance co-operation.

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