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Police have carried out a number of raids on homes and businesses in London, as well the offices of a personal injury solicitors, in an inquiry into a ‘cash for crash' insurance fraud operation.
A 38-year-old man from South West London was arrested and is being held in custody at Bishopsgate Police Station, central London.
Police have been conducting the investigation together with the Insurance Fraud Bureau since January of this year. The main focus of the investigation has been a personal injury solicitors who, it is alleged, played a key role in staging false accidents.
Detectives believe that many of the ‘car accidents' never actually happened, but were staged to exploit insurance policies which were taken out for the sole purpose of making false personal injury claims, as well as claims for storage recovery, car hire, vehicle damage and loss of earnings.
Chairman of the Insurance Fraud Bureau, John Beadle said, "The IFB is working together with members and the City of London Police to address not only fictitious accidents, but also contrived and induced accidents, which are a very real threat to public safety."
He added, "Fraud costs the insurance industry more than £1.5 billion a year and adds five per cent to premiums. Criminal gangs organising scams are earning up to £4 million a week from organised insurance fraud and frequently use the proceeds to fund other forms of criminality."
He said that the office of the personal injury solicitors they raided was in the north west of England.
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