Property fraud approach is failing: report

Efforts to combat property fraud in the Netherlands are failing and major investors like pension funds show shortcomings in their integrity, the Financieele Dagblad reports on Monday.

The details come from a secret report by the FEC – an organisation set up by the central bank, financial services watchdog AFM, police and secret service to combat white-collar crime.
The report says that the property fraud involving Rabo Bouwfonds, Philips pension fund and Fortis – which is currently under investigation – is not an isolated example. At least five other major cases involving millions of euros have not yet gone to court, the paper quotes the FEC as saying.

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