IRS Investigations Find Nearly $2 Billion in Covid Fraud

IRS Investigations Find Nearly $2 Billion in Covid Fraud

Dado Ruvic

The Internal Revenue Service said Wednesday that its agents gave investigated 660 cases of alleged fraud totaling $1.8 billion related to Covid stimulus funds. “These cases included a broad range of criminal activity, including fraudulently obtained loans, credits and payments meant for American workers, families, and small businesses,” the IRS Criminal Investigation division said in a statement.

The agency said it had a 100% conviction rate for prosecuted cases, with prison sentences averaging 42 months.

At the same time, the Criminal Investigation division says it is underfunded and that its workforce has shrunk by 25% over the last decade, according to The Hill, which adds that the division received a $21 million budget increase in the annual spending bill passed earlier this month.