Britain's Fraud Office launches criminal probe into Tesco accounting

Britain's Serious Fraud Office (SFO) has launched a formal criminal investigation into accounting errors at Tesco (TSCO.L), adding to the intense scrutiny of the country's biggest grocer. Tesco was already being investigated by the Financial Conduct Authority (FCA) after the group revealed the discovery of a 263 million pound ($424 million) hole in its accounts, adding to a string of recent profit warnings and management departures to nearly halve the company's market value this year. "The SFO confirmed today that the director has opened a criminal investigation into accounting practices at Tesco plc," the independent government department said in a statement.

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