Latest news with #SeriousFraudOffice
Telegraph
19-06-2025
- Business
- Telegraph
Army of undercover agents to target boardroom crooks
Britain's most senior fraud-buster is planning to hire an army of whistleblowers and undercover agents as part of a crackdown on white-collar crime in the City. Nick Ephgrave, chief of the Serious Fraud Office (SFO), has vowed to ramp up the use of 'covert tactics' as he relies on skills learnt during three decades in the Metropolitan Police. As part of the overhaul, he wants undercover officers, paid informants and targeted surveillance operations to help pin down perpetrators of complex corporate frauds. 'Fraudsters are just criminals acting in a different sphere,' he said. 'They're cheating ordinary people, taking money, and damaging the country – the same as gunrunners, drug smugglers and all the rest. 'We should therefore use as much of the tactical armoury that we can against them. That was something I brought in from my policing background, and we are continuing to build that capability.' More than 3.3m frauds were reported in 2024, resulting in in losses worth £1.17bn. This was a 12pc increase on the 3m cases the previous year, according to a UK Finance report. Mr Ephgrave claims to have already made significant headway on tackling the issue since taking over the SFO in 2023, but he is not resting on his laurels. 'I've opened 12 cases since I've started, more than any other director in that period of time,' he said. 'You've got a very, very hungry director of the SFO that is determined to find out. I'm pushing for whistleblowing. I'm pushing for people to come forward. I'm using more covert tactics. I'm getting into your boardrooms. 'Criminals are bullies. They steal, they cheat, they hurt people. You need to stand up to them, and I enjoy doing that. Who wouldn't want to get fired up and enthusiastic about doing that job? 'That's the same motivation whether you're a PC on the beat or director of the SFO.' Police force To boost his cause, Mr Ephgrave is planning to join other forces across Britain in paying whistleblowers for information. 'You only need to look at America to see how effective a properly resourced and arranged incentivised whistleblowing scheme is,' he said. 'Since 2012, 700 UK nationals have gone to the States to blow the whistle, when they could have done it here and this country could have benefited from that. 'Not only could we potentially have had the prosecutions here, but the fines and the money that comes from those prosecutions goes into the Treasury. We've lost all that – it's gone to America.' Prior to taking the top job at the SFO, Mr Ephgrave had served as the third-highest-ranking officer in the Metropolitan Police Service under the leadership of Cressida Dick. This set him apart from all other former SFO directors, who forged their careers as lawyers before taking on the top job at the fraud agency. 'When I came to the end of my policing career, I still had plenty of fire in my belly,' he said. 'I still wanted to be involved in law enforcement. I still wanted to do the best I could for this country.' Now, as the SFO's new director, he wants to use what he learnt in the police to help the UK fraud agency take a more 'practical and pragmatic approach'. 'I spent 35 years investigating stuff in the police so I do have the benefit of a huge amount of experience,' he said. 'I've made all the mistakes. I've done all the things to learn. 'Policing operates in a much faster-paced environment. It's a quicker turnaround. We can learn some of those lessons and bring them into the SFO and we've been doing that.' He believes such tactics can help the SFO take shortcuts to fast-track fraud cases in a way that avoids dragging the agency into risky and expensive trials in court. Growth mission The plan forms part of a wider carrot-and-stick approach to tackling fraud through which Mr Ephgrave is seeking to offer deals in the form of deferred prosecution agreements (DPAs). The agreements let companies avoid criminal trials and typically result in them being forced to pay a fine. 'If you come forward, self-disclose, and fully cooperate with us, we will enter into a DPA with you,' Mr Ephgrave said, 'which means your company can survive and carry on being a profitable organisation, carry on employing people, and carry on being a benefit to the country.' Whistleblowers also offer a way to cut out much of the time spent trawling through documents by pointing the SFO's investigators directly to the source. 'The average size of our investigation is about 5m documents,' Mr Ephgrave said. 'We have a current case on our books with more than 40m documents. One thing whistleblowing can do is take us to the source of the evidence much more quickly, so we haven't got to go out and trawl through tons and tons of stuff.' This renewed focus has already seen him take 'tough decisions to shut cases' that were going nowhere. 'We've got limited resources,' he said. 'I cannot afford to have teams working away on lost causes, so we have to be really hard-nosed and say: 'We're not going anywhere with this''. As for the recent £8.3m funding boost from the Government's spending review, he plans to invest the cash in the SFO's intelligence capabilities and expand its investigative reach. 'We fundamentally believe the SFO is a crucial actor in the growth mission,' he said. 'This country has to be a reliable and safe place for businesses to conduct their business, which means we can have no tolerance for corruption, bribery or large-scale fraud. 'We will pursue every allegation that is appropriate for us to pursue to make this country a really safe and secure place to do business and that's what's going to drive growth. 'If we don't do that, if we fall down on our mission and let all that stuff slip, then this is going to become a wild west again, and reputable companies are going to think twice about investing here.'
Otago Daily Times
19-06-2025
- Business
- Otago Daily Times
Home detention for role in defrauding Oranga Tamariki of more than $2m
The husband of a former Oranga Tamariki employee who helped his wife defraud the agency of more than $2 million has been sentenced to 12 months' home detention. Amandeep Sharma pleaded guilty to obtaining by deception and money laundering in May after he and his wife Neha Sharma kept their marriage secret and funnelled public money through his construction company Divine Connection Ltd. Neha Sharma, who was jailed for three years in May, kept the conflict of interest concealed as she approved the company's invoices, got him jobs that could have been carried out by other companies and even carried out work for the company during office hours. Less than two weeks after the Serious Fraud Office knocked on their front door, the couple booked two one-way business class to India, after transferring just under $800,000 overseas. Justice Eaton said he seriously considered jailing Sharma but sentenced him to home detention in order for him to seek rehabilitation and support his daughter. "The attitude you have displayed is worrying. It is indicative of a lack of accountability and does in my view display a degree of entitlement, perhaps arrogance," he said. Serious Fraud Office (SFO) director Karen Chang said Sharma and his wife took advantage of her position of trust for their own financial gain. "It is critical that we disrupt behaviour of this kind, which damages the integrity of our public institutions and threatens our reputation as a safe place to invest and do business," she said. "Corrupt behaviour by public servants is a key focus for the SFO, and we are currently advancing initiatives that will strengthen the New Zealand public sector's overall resilience to fraud and corruption." The SFO filed charges against the couple in 2023 alleging Neha Sharma had provided false references to secure her role at Oranga Tamariki where she managed aspects of properties in the Canterbury region, including maintenance, upkeep, and modifications. Neha Sharma set up her husband's company as a contractor without declaring a conflict of interest and then assigned work to this company over others suppliers, at a cost of $2.1 million to Oranga Tamariki. She then applied for a role at the transport agency, for which she also provided a false reference. The SFO said police seized the funds the couple had transferred. It said proceedings to return them to New Zealand were underway, while the High Court had issued a restraining order over the couple's properties in New Zealand. Chang thanked the police and Indian authorities for their swift action and the co-operation of Oranga Tamariki and the transport agency in the investigation.
The Independent
03-06-2025
- Business
- The Independent
Investigation launched into suspected fraud against debt-ridden local council
The Serious Fraud Office has launched an investigation into failed investments in solar farms that left a local council £1.5 billion in debt. Investigators have issued so-called section 2 notices against banks and other financial institutions to demand documentation relevant to the case. Investments were made by Thurrock Council in Essex through Rockfire Investment Finance Plc and other companies operating within the Rockfire Group between 2016 and 2020. The local authority was offered returns of 3% to 6% on its multi-million pound investment. Rockfire went into liquidation, and Thurrock Council was effectively declared bankrupt in December 2022, with debts of £1.5 billion. It has since recouped £650 million of public money. Director of the Serious Fraud Office, Nick Ephgrave said: 'Today's action is a significant step in our investigation concerning this suspected criminality. 'We are grateful for the assistance of Essex Police, Thurrock Council and others in the early stages of this inquiry.' Victoria Holloway, Thurrock Council cabinet member for Place and the Environment, said: 'Since these catastrophic investments first came to light, this administration—standing firmly alongside our residents—has consistently and rightly called for a full investigation. 'We therefore strongly welcome today's announcement from the Serious Fraud Office (SFO). 'It represents a vital step toward securing justice and ensuring accountability on behalf of our communities. 'Thurrock Council will continue to fully support this investigation and will make sure the SFO has access to all the information it requires, as we have continued to do since these losses were uncovered. 'Alongside this, the council is vigorously pursuing civil claims against Rockfire and its owner, Liam Kavanagh, to recover public funds lost through these failed investments. 'Today's announcement strengthens our resolve to see this through.'
Yahoo
28-05-2025
- Business
- Yahoo
Man charged over alleged fake plane parts scam which grounded hundreds of flights
The director of a company is facing fraud charges after allegedly supplying counterfeit plane parts to airlines globally. Jose Alejandro Zamora Yrala, who ran UK-based AOG Technics, is accused of defrauding customers, according to the Serious Fraud Office (SFO). AOG Technics' clients included airlines, maintenance firms, and parts suppliers. In 2023, planes were grounded in the UK and worldwide after safety alerts were issued by the UK's Civil Aviation Authority, the United States' Federal Aviation Administration, and the European Union Aviation Safety Agency to airlines that may have purchased or installed parts from AOG Technics. From 2019 to 2023, the company allegedly falsified documentation that related to the origin, status or condition of aircraft parts. Zamora Yrala will appear at Westminster Magistrates' Court on June 2 charged with fraudulent trading. Nick Ephgrave, director of the SFO, said: 'Planes were grounded, and significant disruption was caused, today's charges are the outcome of a focused and fast-paced investigation. 'I'm proud that we've acted swiftly, together with our European partners, to bring this important case to charge in just 19 months.' A UK Civil Aviation Authority spokesperson, said: 'We welcome the progress made by the Serious Fraud Office in its investigation into AOG Technics. 'In August 2023, we acted swiftly to alert UK aviation organisations to the potential supply of unapproved parts and worked closely with international regulators to safeguard aviation safety. We continue to support the SFO and remain committed to upholding the highest safety standards.' The Independent exclusively revealed in 2023 that parts sold by AOG were found on a Tui aircraft. The part was later removed and the firm struck from Tui's approved supplier list. Other affected airlines included Ryanair, American Airlines, Delta Air Lines, United Airlines, Southwest Airlines, TAP and Virgin Australia Airlines. AOG was founded in 2015 and due to the worldwide scandal, first reported by Bloomberg, hundreds of planes were grounded. The case of the London-based company that allegedly supplied jet-engine parts using forged paperwork forced regulators and airlines to assess the scale of the issue. It is thought to have involved thousands of airline parts.
Bloomberg
28-05-2025
- Business
- Bloomberg
UK's SFO Charges Director at Center of Fake Plane Parts Probe
The former director of a firm at the center of a global investigation into bogus airplane parts was charged with fraud by UK authorities. The Serious Fraud Office charged AOG Technics Ltd.'s director, Jose Alejandro Zamora Yrala, with fraudulent trading, according to a statement on Wednesday. The charge carries a maximum sentence of 10 years imprisonment.
