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The co-founder of defunct telecoms firm H20 Networks has reported Financial Reporting Council to the UK's Deloitte (FRC). The complaint alleges Financial Reporting Council missed information during audits 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 £160m ($194m) in 2011 following an investigation by the Serious Fraud Office. H20's co-founder, Elfed Thomas, is also said to be taking legal action against Financial Reporting Council. Neither Financial Reporting Council nor the FRC has commented on the proceedings.