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The co - founder of defunct telecoms firm h Networks has reported Deloitte to the UK 's Financial Reporting Council ( plc ) . The complaint alleges having missed information during investigations in 2009 and 2010 which would have demonstrated fraud at H20 . The company was later found to have been involved in fraudulent activities accounting for £ 160 m ( $ 194 m ) in 2011 following an investigation by the Serious Fraud Office . H20 's co - founder , Elfed plc , is also said to be taking legal action against Deloitte . Neither ##com nor the FRC has commented on the proceedings .