Two arrests made in probe into nationwide investment scam led by South Yorkshire Police

Two arrests have been made in an investigation into a nationwide investment scam led by South Yorkshire Police.

Friday, 19th March 2021, 1:29 pm

The suspects, aged 48 and 50, were arrested on suspicion of fraud by false representation and money laundering following police raids in Sheffield and North Wales on Wednesday.

They were later released under investigation.

The investigation centres around a number of reports received from victims who have lost money in an investment fraud, where people are tricked into investing in a scheme or product which turns out not to exist.

Sign up to our daily newsletter

The i newsletter cut through the noise

Two arrests have been made as part of a nationwide fraud investigation led by South Yorkshire Police (Photo: Getty)

The victims are then reported to have later received a follow-up call from a fake business claiming they were able to recover the lost funds for a fee, which is a scam known as fraud recovery fraud.

In South Yorkshire, there were 248 reports of investment fraud between February 2020 and February 2021, equating to reported financial losses of over £4 million.

Analysis shows that nationally, some £373 million was lost by repeat victims of fraud in the financial year 2019/20, with the average repeat victim losing £21,121.

Chief Inspector Leanne Dean, South Yorkshire Police’s lead for economic crime, fraud and asset recovery, said: “Investment fraud and subsequent fraud recovery frauds are particularly distressing fraud types. Not only has the victim lost what can be a substantial amount of money, but the fraudsters then stoop low enough to target the same person yet again, making empty promises that fake companies can get their money back for them. The impact, both financially and emotionally, can be significant.

“Here in South Yorkshire we therefore take reports of this type of offending extremely seriously and will always take action when we are able to do so.

“The warrants we executed across the country demonstrate our determination to track down suspected perpetrators and our enquiries into this particular investigation will continue.

“If you think you have been a victim of this sort of scam or any type of fraud, it is so important that you report it to Action Fraud so that valuable information and intelligence can be shared and circulated. Your information may just prevent somebody else from becoming a victim too.”

Read More

Read More
Police patrols mounted after mass gatherings in Sheffield suburb as DJs play for...

In these confusing and worrying times, local journalism is more vital than ever. Thanks to everyone who helps us ask the questions that matter by taking out a digital subscription or buying a paper. We stand together. Nancy Fielder, editor.