Revealed: The multi-million pound cost of fraud in the North West

The North West was the third most defrauded part of the UK in 2017 as the value of scams more than tripled.

New data from accountancy firm BDO has revealed that the impact of fraud in the region leapt 235%, from £34.5m in 2016 to £115.7m last year.

The number of reported cases above the £50k mark fell 5.5% to 69 cases.

Despite the rise in overall value, the North West still accounted for just 5% of the total value of reported fraud in the UK.

According to BDO, the most expensive scams in the North West last year included a £17m tax fraud linked to the discovery of an illegal tobacco factory, and a former maths teacher and ex-VAT inspector who attempted claim over £4m back from HMRC with “fanciful” accounts.

The figures come from BDO’s latest FraudTrack report, which examines cases with a value above £50k.