THE amount of large-scale fraud dropped by 71 per cent to £192 million last year compared to £667 million in the previous 12 months, according to figures from finance experts KPMG Forensic Accounting.
It was the first time since 1996 the upward trend in major fraud, those cases involving more than £100,000, has been reversed.
Accounting partner Richard Powell, who is based in Manchester, said: "The figures belie the true extent of fraud cases. 2000 was a record year for our fraud investigation practice. The figures seem to indicate that fraud victims are trusting more to the private sector than the court system to pursue their cases."
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules hereComments are closed on this article