The National Audit Office (NAO) has found that the Ministry of Defence (MoD) recouped less than half of what it spent over the past four years on tackling criminal economic activity, including procurement fraud, asset theft, and pay and expenses fraud. Gareth Davies, head of the NAO, said: "The MoD could make significant savings if it better managed its losses from fraud and other forms of economic crime. The MoD estimates its potential annual exposure to fraud could be as high as £1.5 billion, mainly linked to procurement. Between 2021-22 and 2024-25, the department reported a return of just 48p for every £1 spent on counter-fraud activities. The report also highlights concerns about the effectiveness of case handling and the lack of a unified departmental strategy to reduce fraud losses.