The transport, dispersal, housing and detention of people has turned into a giant get-rich scheme subsidised by the taxpayer, claims the newspaper.
In a news-feature it alleges that one of Europe's richest men, French catering billionaire Pierre Bellon, one of whose companies runs the voucher system - printing and distributing the vouchers - is one of many gaining from the asylum situation. This year the company will receive£1.5m to print and distribute around£50m of vouchers.
In a detention centre to be opened near Heathrow on 20 September, a subsiduary of the Sodexho company - UK Detention Services - is planning what refugee groups have described as 'a slave labour scheme'.
But ministers are concerned about the estimated dozen firms which won multi-million pound contracts to house refugees.
One of the smaller ones, Adelphi Hotels, based in Hove, East Sussex, increased its profits from£180,000 to£1.4m after winning a contract in April last year.
Companies House has confirmed it is taking action against two companies - Clearsprings and Landmark Liverpool - which have so far failed to produce annual accounts. Clearsprings confirmed it had a£2m turnover last year, mostly home office money. Landmark owns two crumbling tower blocks in Liverpool, where residents have complained of harassment by the firm and staged a hunger strike.