30 April 2018
In response to a request from Thames Valley Police, the NCA has confirmed it will lead a pre-investigative evidential review into allegations of fraud concerning the then HBOS Impaired Assets Division, London and South East Region. The review 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, which resulted in a number of convictions in 2017.
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.
The decision for the NCA to lead this review was made with the agreement of Thames Valley Police, City of London Police, the Serious Fraud Office and the Financial Conduct Authority. It is currently estimated that the review will take six months to complete.