The Serious Fraud Office (SFO) has announced it is carrying out a criminal investigation into Tesco’s accounting irregularities after the supermarket overstated profits by £263 million (US$424.7 million).
The UK’s accountancy regulator, the Financial Reporting Council, is also monitoring the supermarket.
Confirming the investigation, Tesco said “it will continue to cooperate fully with the FCA and other relevant authorities considering this matter.”
Last week, accountancy firm Deloitte finished its investigations into the grocer, which is the world’s third-largest retailer, and found that projected profits had been overestimated over the course of the year.
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