Business

Value of fraud cases rises

07:11 am on 4 December 2012

The number and value of large fraud cases going to court this year has surged.

Data from accounting firm KPMG shows in the six months to June, fraud totalling $1.7 billion was recorded, up from almost $280 million in the previous period.

The number of cases rose from 24 to 33, and of those, four were classed as super-frauds involving more than $3 million in value.

The Government was the victim in 12 of the cases.

KPMG forensic team senior manager Blair Bulloch says the jump in value for the period was due to the South Canterbury Finance case.

Benefit, ACC and tax fraud cases contributed to the rise in number of cases.

Mr Bulloch says the value of fraud cases in the second half of the year should be a lot less.