'On Friday 17 March 1978, Harold Percy Jaggard, the 79 year-old Chairman and Secretary of the Grays Building Society was found dead in his bath at home. A suicide note [was] left for his wife ...This note, and the circumstances which immediately preceded Mr Jaggard's suicide, indicated the possibility of irregularities in the books of the Grays, of which Mr Jaggard had been acting as Secretary since 25 August 1927.....Inspectors were appointed ....to inquire into and report on the Grays Building Society'

      This investigation was carried out by Ian Hay Davison and Murray Stuart-Smith at the request of the Chief Registrar of Friendly Societies. They looked at the history and affairs of the Grays Building Society taking evidence from witnesses including employees, directors and auditors of the Grays and family and friends. They carried out a detailed examination of the files, books and accounts, reconstructing the accounts in detail back to 31 December 1966, although a number of important documents were missing. The report details the investigation and the aspects considered - Harold Percy Jaggard; Grays Building Society - its history and staff; the accounting procedures; how the money went missing; the cover-up; where the controls failed; the responsibilities of the staff; the directors and their responsibilities under the 1962 Building Societies Act; the directors' control of the business; the auditors; the audit arrangements; the auditors and internal control; the auditing deficiencies; the registry and the Building Societies Association.

      They concluded that a long-running fraud was successfully perpetrated on the Grays by Mr Jaggard with evidence of defalcations as far back as 1938. It was made possible by the lack of an adequate system of internal control, for which the directors were responsible under the terms of the 1962 Act, which lays upon them specific duties with regard to internal control and in relation to their general management of the Society. The theft remained undiscovered because of the persistent gross failure of the auditors to discharge their professional duties properly. A total of approximately £2 million was stolen but no evidence was discovered of a 'crock of gold' hidden away anywhere.

The Grays building Society situated in New Road, Grays is now a doctors surgery.