SFO investigates alleged multi-million-pound council fraud

The Serious Fraud Office (SFO) has today issued a series of Section 2 notices compelling financial institutions to provide information on its newly opened investigation into alleged fraud committed against Thurrock Council.

Between 2016 and 2020, Thurrock Council invested millions into solar farms, via a bond scheme sold by the UK-based Rockfire Investment Finance Plc and other companies operating within the Rockfire Group.

Rockfire offered multiple investment opportunities in solar farm bonds, offering a return on investment between 3-6% as well as the return of the initial bond purchase cost. The group has since entered administration.

Thurrock Council was effectively declared bankrupt in December 2022 impacting local residents through council tax rises and cuts to services.

Director of the Serious Fraud Office, Nick Ephgrave QPM, said:

Today's action is a significant step in our investigation concerning this suspected criminality.

We are grateful for the assistance of Essex Police, Thurrock Council and others in the early stages of this enquiry.