The National Crime Agency (NCA) recently announced that it is to conduct a pre-investigative review of allegations of fraud by HBOS Impaired Assets Division, London and South East Region.
The review will be carried out at the request of Thames Valley Police, and will consider allegations that fell outside the scope of Operation Hornet, a Thames Valley Police investigation into allegations of fraud by former employees of this division of HBOS.
This operation led to a senior banker, financial consultant and their associates being jailed for almost 50 years between them after being convicted of corruption, fraudulent trading and money laundering. Their fraudulent scheme eventually saw the bank incur losses in the region of £250million.
According to the NCA, a number of companies have reported allegations of significant fraud involving a former employee of HBOS and their associates. These include allegations of asset stripping, through the use of corrupt consultants as well as allegations of fraud and money laundering. The sums of money involved could be significant, running to many millions.
The evidential review will determine whether outstanding allegations of fraud involving the London and South East Region of HBOS’s Impaired Assets Division require a full criminal investigation by the NCA and/or law enforcement partners.
Thames Valley Police, City of London Police, the Serious Fraud Office and the Financial Conduct Authority have apparently all agreed that the review should be led by the NCA, and it is predicted to take six months to complete.
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Contains public sector information licensed under the Open Government Licence v3.0.