Taxpayers have been the biggest victims of a surge in large fraud cases, losing nearly £600m last year, according to KPMG.
The number of recorded fraud cases last year rose by 16% to 314 which is the highest in more than 20 years and cost victims almost £1.4bn, the Times reports.
The Government is being targeted increasingly by fraudsters and accounts for two out of every five cases, according to KPMG.
Meanwhile, there were 70 reported cases against public sector agencies, compared with 59 in 2009.
However, despite the rise in public sector cases, banks were the most common targets of fraud last year. There were 87 recorded instances involving financial institutions, costing them £267m, according to KPMG.
Commercial businesses were the victims in 71 cases worth £127m while individual investors were targeted in 35 cases worth £338m.
KPMG's research, which tracked fraud cases in the crown courts that were worth more than £100,000, suggested the perpetrators were most often professional fraudsters, with criminal gangs bringing in £709m last year.
Company executives have been committing fraud increasingly since the recession began. The value of cases involving management rose 30% last year to £441m, KPMG said. Employees accounted for 79 cases worth £129m.
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