Nottinghamshire Police received a number of calls last week relating to the alleged fraud.

Ponzi scams are ‘get rich quick’ investment schemes whereby fraudsters lure people into investing vast sums but then siphon off the money for themselves.

As part of our inquiries, a 30-year-old woman was arrested on Friday (24 March) on suspicion of fraud by false representation. A 58-year-old man was also arrested on the same day on suspicion of possessing an article for use in fraud.

Both suspects, of Nottingham, were later bailed whilst the investigation continues.

Detective Inspector Ashley Xavier, of Nottinghamshire Police, said: “We have launched an investigation into an alleged Ponzi investment scam whereby multiple victims nationwide have reported losing varying sums of money.

“Officers from the force’s Fraud Team continue to investigate.

“People who have lost money through a scam should report this immediately to the police by calling 101 or Action Fraud on 0300 123 2040.”