During 1930 a Section known as the Bogus Agents and Company Squad was formed at the Criminal Investigation Branch. Since its inauguration it has been generally known as the Company Squad, but on the 1st August, 1961, subsequent to a journey overseas by the Chief of the Criminal Investigation Branch, Detective Superintendent Walden, the actives of the section were reviewed and the Squad renamed the Fraud Squad.
The Fraud Squad grew from the establishment of two Detective Sergeants and four Detective Constables to that of 42 men under the directorship of Detective Inspector R. J. Holles, and his second in charge, Detective Sergeant 1st Class Bruce Durham.
In the early 1960’s New South Wales had been the target of a commercial growth explosion, in 1962 there were 40,000 registered companies and corporations operating as Auctioneers, Stock and Station Agents, Real Estate Agents, Business Agents, Business Sub-Agents, and Private Inquiry Agents. Any such company may be investigated by the Fraud Squad should evidence of fraud or fraudulent intent be found to exist.
Other Acts policed by the Squad included the Lay-by Sales Act, Sale of Goods Act, Trustee Act, Unauthorised Documents Act, Money Lenders and Infant Loans Act and the Credit Sales Agreement Act. The Squad also investigated conspiracies to defraud, involving Banking Companies and other similar organisations, offences where members of the general public are cheated or defrauded, and the doping of horses or other animals used for racing purposes.
In the mid 1960’s the Squad comprised of fifteen members, supervised by a senior Detective Sergeant. All members were experienced detectives with high scholastic attainments, specially chosen for their ability and aptitude in this type of investigation. In 1962 the Squad had as a member a barrister, Detective Sergeant A. W. Shaw, who was admitted to the Bar, it also had a qualified auditor and a general accountant.