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A new multi-million pound academy designed to teach investigators from around the world to combat fraud is to open next year and will be run by The City of London Police, the national lead force for fraud investigation.

Revenue generated from the courses is set to ease the budgetary pressure on The CoLP and fund frontline officers in the city.

According to CoLP commissioner Adrian Leppard, profits in the region of £2m could be made in just two years.

He added: "Every million pounds' profit is 20 police officers; £2m [is] 40 police officers."

"We have expertise in fraud. People want to be trained by us," he told the Financial Times. "If we can turn that into a business venture that makes money as well, we can not only help bring out the skills of the private sector and policing, but at the same time maybe meet some of the budget gaps that the City of London police has got to deal with."

A two-week course at the academy, focusing on such issues as how to use the internet to investigate fraud or how to present evidence in court, could cost as much as £4,500, it was reported. And the academy could train around 100 students a year and no end of students via online 'webinars'.

The force are said to be in talks with several potential private sector partners to secure funding for the academy.