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  Private security giant Serco accused of fraud over £285m prisoner escort contract
  
  Services firm agrees to repay past profits from its £40m-a-year contract and forgo all future earnings
  
  Serco, one of Britain's largest companies, is to be investigated for fraud after the Government and
  
  the services giant called in police to examine irregularities in records kept for its £285m prisoner
  
  escorting contract.
  
  Justice Secretary Chris Grayling announced that the company has agreed to repay past profits from
  
  its £40m-a-year contract and forgo all future earnings after an investigation suggested records
  
  relating to the delivery of prisoners to courts had been falsified by members of its staff.
  
  Mr Grayling said the review by Ministry of Justice (MoJ) officials had not found evidence that
  
  knowledge of the alleged malpractice reached the boardroom of the company, which last year had
  
  revenues of £4.8bn, but warned Serco that it faces being frozen out of all future public contracts.
  
  Serco is one of two companies, along with G4S, which are also being investigated for allegedly
  
  over-charging the taxpayer in the "low tens of millions" to monitor non-existent electronic tags on
  
  prisoners, some of which had been assigned to dead detainees.

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