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Covid was the largest fraud on UK public funds in modern history

Hope — Fri, 17 Jul 2026 14:00:00 +0000

The UK government admits that £10.9 billion was lost to fraud across covid support schemes. However, research has shown that, plausibly, there was £37 billion lost to covid fraud.

We Warned About Covid Fraud Four Years Ago. Now the Government Agrees

By Carl Heneghan and Tom Jefferson, as published by Trust the Evidence

In June 2026, the Government quietly published its response to the Covid Counter Fraud Commissioner’s report. It deserves far more attention than it has received. Buried within its 28 pages is an extraordinary admission: the British state was systematically unprepared for the largest fraud against the public purse in modern history.

Four years ago, in November 2022, Trust the Evidence published a detailed investigation into covid fraud. We argued that the losses were likely to be vastly greater than official estimates, that fraud controls had been abandoned in the rush to spend, that responsibility was fragmented across Whitehall, that Companies House had become an enabler rather than a barrier to fraud, and that the Government lacked both the appetite and the institutional machinery to recover what had been stolen.

The Government has now accepted almost every one of those arguments.

It is gratifying to be proved right; It is rather less gratifying that it has taken four years.

The official estimate now stands at £10.9 billion lost to fraud and error across Covid support schemes, although the Public Sector Fraud Authority acknowledges that the true losses are likely higher. Only £1.8 billion has been recovered so far.

But here lies the first problem.

The Government continues to rely on a remarkably conservative accounting framework. It counts losses that can be demonstrated within individual schemes, but not the broader ecosystem of fraud that flourished when normal controls were suspended.

Our analysis took a different approach: We assembled evidence from National Audit Office reports, Public Accounts Committee hearings, Treasury evidence, Lord Agnew’s testimony, HMRC data, Companies House records, Action Fraud, Freedom of Information requests and contemporaneous investigative reporting. Rather than viewing each scheme in isolation, we examined the entire pandemic spending landscape.

The picture that emerged was alarming.

We estimated that losses could plausibly approach 10 per cent of the £370 billion pandemic expenditure—around £37 billion. That estimate included not only identified fraud but also the predictable consequences of dismantling verification systems, encouraging self-certification, creating 100 per cent government-backed lending, relaxing welfare controls, and allowing thousands of new companies to be created with minimal scrutiny.

That estimate was criticised at the time as speculative. Indeed, the government put in a complaint, making sure it wasn’t backed by the University of Oxford – instead, it was just the two old geezers [Carl Heneghan and Tom Jefferson].

Yet the Government’s own report now accepts virtually every mechanism that underpinned our analysis.

It acknowledges that fraud controls were not embedded in emergency planning. It accepts that crisis decision-making lacked effective challenge. It admits data sharing between departments was inadequate. It proposes reforms to Companies House. It expands counter-fraud powers. It establishes specialist investigation teams. It creates independent oversight. It rewrites Treasury guidance so that fraud is considered from the outset of future emergency schemes.

In other words, today’s official reform agenda reads remarkably like yesterday’s unofficial diagnosis.

One of the most striking examples concerns Companies House.

In 2022, we analysed incorporation data and found tens of thousands more companies had been created than historical trends would predict, while dissolutions temporarily fell, leaving almost 400,000 additional companies on the register. We never claimed these were all fraudulent. But they represented precisely the sort of anomaly that deserved urgent investigation because they coincided with schemes requiring little more than an email address and a newly registered company to obtain taxpayer-backed loans.

The Government now accepts that greater corporate transparency is essential for preventing future fraud. It has not gone as far as the Commissioner recommended, but even partial acceptance represents a remarkable shift from the complacency that characterised the pandemic years.

Equally revealing is the treatment of Lord Agnew’s evidence.

When he resigned in 2022, describing Treasury anti-fraud efforts as “Dad’s Army,” many regarded the criticism as a rhetorical flourish. We treated it as a warning from someone who had seen the machinery from inside the Government. His evidence highlighted fragmented responsibilities, inexperienced decision-makers and the abandonment of basic checks that would have delayed payments by only a matter of days.

Covid: Government’s anti-fraud efforts was like Dad’s Army operation, says ex-minister, BBC, 9 March 2022

The Government has now built an entire reform programme around precisely those deficiencies. However, the true scale of the losses remains unresolved.

The official £10.9 billion figure has an air of precision that is difficult to justify. Fraud on this scale cannot be measured like the national debt. Much of it remains undiscovered; some will never be discovered. Fraudsters dissolved companies, transferred assets abroad, exploited identity theft and took advantage of administrative systems that often lacked even basic verification. Estimating only what has already been identified risks confusing measurement with reality.

Our estimate was necessarily broader because the problem itself was broader. We were trying to understand the consequences of designing emergency programmes in an environment where ministers knowingly accepted weakened controls, existing fraud levels were already estimated at tens of billions annually, and experienced investigators warned repeatedly that criminal organisations were exploiting the opportunities being created.

No estimate is perfect, but an estimate that incorporates systemic vulnerabilities is arguably more likely to approximate the truth than one confined to losses that have been formally recognised so far.

Much of the Government’s response focuses on ensuring the mistakes are never repeated. New legislation, new investigators, new guidance, new oversight panels, new professional standards and new crisis playbooks are all welcome.

Yet, if these reforms are now considered essential, why were those warning about precisely these deficiencies dismissed four years ago?

Covid fraud was never simply a story about clever criminals. It was a story about predictable institutional failure. Trust the Evidence recognised that in 2022; the Government has now acknowledged it in 2026.

Better late than never, perhaps; but four years is a very long time in which to discover that independent investigators had seen the problem more clearly than the state itself – and that taxpayers are still paying the price.

Source: https://theexposenews.com/2026/07/08/covid-was-the-largest-fraud-on-uk-public-funds/

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SHOCKING: Catherine Austin Fitts Says the Federal Government—Namely DoD—Has Stolen $55 TRILLION of Taxpayer Funds

Hope — Tue, 14 Apr 2026 12:04:19 +0000

The former U.S. official claims decades of missing money may have funded something far bigger — a parallel system, a global reset, and what she calls a “breakaway civilization.”

In a stunning interview, Catherine Austin Fitts alleges that $55 trillion in taxpayer funds has effectively disappeared from U.S. government accounts over the past few decades.

According to Fitts, the missing funds stem from undocumentable Pentagon adjustments, financial crisis bailouts, and massive liquidity injections, numbers she says are so large they could build an entirely new civilization.

She argues the money may not simply be lost or mismanaged, but instead redirected toward a parallel governance, financial, and infrastructure system operating alongside the current one.

“If you were building a new system,” she explains, “you’d run both in parallel… then switch over.”

Fitts believes that’s exactly what may be happening now — and that the so-called “reset” may already be underway.

Watch the video clip and read the transcript below.

Source: Sense Receptor

Former Assistant Secretary of HUD says the federal gov’t—namely DOD—has stolen $55 TRILLION of taxpayer funds.

This clip of Catherine Austin Fitts, a former Assistant Secretary of Housing and Urban Development, investment banker, and founder of the Solari Report, is taken from an interview with Anthony Fatseas posted to the WTFinance YouTube channel on April 10, 2026.

Partial transcription of clip

Fitts: “So what happened was, I was part of a group of people in the first Bush administration who got financial management laws passed that required audited financial statements and a certain standard of disclosure. And those rules went into place in the mid-90s and since then. And it’s because of those rules that we’ve seen disclosure that indicates that, one, they’ve never obeyed the financial management laws.

“But also, they have, you know, they have had undocumentable adjustments between 1998 and 2015 of $21 trillion. Now, when you add that to $29 trillion of bailouts during the financial crisis, you know, that’s $50 trillion. And then you add $5 trillion injected directly into the economy during the Going Direct, that’s $55 trillion. Then you can even add more for the quantitative easing.

“So, you know, it’s, it’s— I always say to everybody in America, it’s remarkable we’re still standing because you’re talking about, you know, it’s like a body with a tapeworm. And the tapeworm is, if you look at what’s being drained out is unbelievable. I mean, the numbers are just, you know, hard for most people to fathom. It’s not hard for me to fathom. That’s my business. But it’s really hard to fathom that, that, that muc

“And we’re not talking about money so that some people can have billions and Ferraris and fancy houses in the Caribbean. We’re talking about the kind of money that builds a whole new civilization.”

Fatseas: “Where is this money gone? Or it’s impossible to track?”

Fitts: “Give me access to the New York Fed and DoD’s accounts. You know, so we don’t know where I went. And I think, you know, conceptually there are many possibilities, but there is, a belief that there is such a thing as a breakaway civilization.

“And literally what we’re watching is, you know, if, if you have a company and you, you want to bring in a new system, what you do is you bring up the new system, you keep the old system operating, you operate them in parallel until you’re confident in the new one, and then you switch over, right?

“So I think what they’re— Part of what they’re doing is they’re literally building a new governance, management, financial structure for Earth, moving the money out of the old and into the new. And, and when they’re ready, you know, they’ll, they’ll shift everybody over into the new one. And that’s what’s happening now. That’s what I think the reset is.”

Full Video

Source: https://lionessofjudah.substack.com/p/shocking-catherine-austin-fitts-says

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Scrutiny of World Bank intensifies over $24 billion in unaccounted climate funds

Hope — Mon, 18 Nov 2024 18:00:13 +0000

Scrutiny has intensified over the World Bank’s handling of climate funds, with a recent report by Oxfam revealing that between $24 billion and $41 billion in climate finance disbursed by the Bank over the past seven years remains unaccounted for.

This staggering amount, equivalent to nearly 40% of all climate funds disbursed by the Bank during this period, raises serious questions about transparency and accountability.

The World Bank has pledged over $100 billion to combat climate change, but a new report by Oxfam found that up to $41 billion of this spending is “effectively unaccounted for” due to poor record-keeping by the World Bank.

A World Bank insider, speaking on condition of anonymity, suggested the figure for the missing money “could be twice or 10 times more.”

“All the figures are routinely made up,” the source said. “Nobody has a clue about who spends what.”

Oxfam’s report, titled ‘Climate Finance Unchecked’, was published on 17 October ahead of COP29 in Azerbaijan which is currently taking place, and during which climate finance is taking centre stage.

The report alleges that the World Bank’s current approach to tracking climate finance is flawed and makes it impossible to verify its expenditures and impact. Specifically, the Bank’s accounting system, which tracks climate finance at the time of project approval rather than project completion, makes it difficult to verify how funds were spent.

Oxfam’s investigation revealed that obtaining even basic information on how the World Bank is using climate finance was painstaking and difficult.

“We had to sift through layers of complex and incomplete reports, and even then, the data was full of gaps and inconsistencies. The fact that this information is so hard to access and understand is alarming – it shouldn’t take a team of professional researchers to figure out how billions of dollars meant for climate action are being spent. This should be transparent and accessible to everyone, most importantly communities who are meant to benefit from climate finance,” Kate Donald, Head of Oxfam International’s Washington D.C. Office, said.

The World Bank’s centrality to climate finance makes its lack of transparency all the more troublesome, according to Oxfam, which argues that the bank’s claims of ambition are impossible to verify without more precise and transparent accounting methods.

Oxfam estimates that the difference between budgeted and actual expenditures on climate finance amounts to tens of billions of dollars over six years. And the World Bank’s opacity in accounting methods has led to concerns about mismanagement, corruption and the potential diversion of funds away from their intended purpose.

Oxfam’s findings have sparked calls for reform, with demands for the World Bank to improve its record-keeping practices and provide greater transparency and accountability. As the international community gathers at COP29, the need for robust climate finance tracking and reporting has never been more pressing.

Calls for reform are growing, with demands for improved transparency and accountability from the World Bank.

Source: https://expose-news.com/2024/11/17/scrutiny-of-world-bank-intensifies/

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World Bank Missing $41 Billion in Climate Funds

Hope — Tue, 12 Nov 2024 23:59:21 +0000

A new report by Oxfam, “Climate Finance Unchecked,” has determined that the World Bank has $41 billion in unaccounted funds that were destined to fight climate change.

This figure represents 40% of all disbursed climate funds by the World Bank. Oxfam’s audit revealed that between 2017 and 2023, between $24 billion and $41 billion simply went unaccounted for and there is absolutely no record of where the money went. No one knows how the money was used as there is no paper trail revealing where the money went.

“The Bank is quick to brag about its climate finance billions —but these numbers are based on what it plans to spend, not on what it actually spends once a project gets rolling,” said Kate Donald, Head of Oxfam International’s Washington D.C. Office. “This is like asking your doctor to assess your diet only by looking at your grocery list, without ever checking what actually ends up in your fridge.”

The World Bank is a leader in climate finance, controlling 52% of the total flow from all multilateral banks combined. World Bank President Ajay Banga announced in December that the bank achieved 35% of its financing three years ahead of schedule. He then set a new target of 45% by 2025. The bank later said in September that it achieved 44% of climate financing to the tune of $42.6 billion. “We’re putting our ambition in overdrive,” Banga said.

The bank acknowledged that it was difficult to keep track of its 800 climate financing projects but offered no insight into the missing funds. “It is clear that no one — including the Bank — has any real idea of how many billions of dollars are going to which climate actions,” the Oxfam report said.

Yet, climate activists are demanding $5 trillion in ANNUAL financing for the Global South to pay toward climate debt. Where did the $41 billion go? That large of a sum simply cannot be lost in a mere paperwork or oversight error. The climate change agenda has become a slush fund for the elite who will continue to fund this agenda without taking any responsibility for where the funds go or if they’re actually altering the climate in any meaningful way.