Those ends are fine, the problem are the means.

What's wrong with "the means"?

Breech of privacy/data protection laws in some countries.

Is it possible to find "wanted" people without breaching privacy laws?

Yes, it's OK for the police to do that. I doubt Joe Soap is allowed treat employee personal details in such a wanton manner.

Sure, that's what warrants are for.

In order to get warrant police needs some reason to believe that company database contains "wanted" people in it.

Obviously police does not have such reason and therefore cannot get warrant.

I guess I'm biased because my business makes me to deal with fraud on a daily basis.