There was no fraud involved.

One thing that concerns me is fraud.

This operation was a coordinated, nationwide attempt to root out bribery, kickbacks and fraud in the repair and maintenance of Navy supply ships in the maritime industry.

The first and worst of all frauds is to cheat oneself

The first and worst of all frauds is to cheat one's self.

[The SFO] spent 18 months [sic] investigating the company and then found out there wasn't the fraud or theft of money, ... Try to explain to a bureaucrat why a company that has never made a profit can be worth 30 million pounds [$48 million]...it sounds like a con.