Furlough: Scam warning issued as fraud rises – ‘Our entire economy is under threat’ | Personal Finance | Finance

 Furlough: Scam warning issued as fraud rises – ‘Our entire economy is under threat’ | Personal Finance | Finance

Around £60billion of taxpayers money have been lost from the Government’s Job Retention scheme, otherwise known as furlough according to HM Revenue and Customs’ (HMRC) most recent report. HMRC acknowledged that the money had either been acquired by scam artists, professional fraudsters, organised crime gangs or awarded incorrectly. Since March 2020, the furlough scheme has paid 80 percent of the wages of up to 11.5 million workers placed on leave.

In light of this, a scam warning has been issued in light of the perceived rise in furlough-related fraud and its implications for the wider economy.

However, financial experts such as Daniel Martin, a Partner in Business Crime at JMW Solicitors believe it will be a long time till justice is carried out.

Speaking exclusively to Express.co.uk, Mr Martin explained: “As with most areas of UK law enforcement, resources are generally stretched and HMRC fraud investigations can take a long…

Read full article at www.express.co.uk