The gang behind the alleged fraud is believed to have been running four boiler rooms, cold-calling people of all kinds at home and selling them investments in gold leasing and airtime minutes in mobile phone operators through fraudulent companies such as Demmore Ltd, Simply Airtime, S+E Future and Vodacell. The promise of swift and large returns proved irresistible for some.

More than 100 people have already fallen victim to the scam, with reported losses of £2.8 million. High-net-worth entrepreneurs are traditional victims of such scams. The addresses were in Milton Keynes, Northampton, Peterborough, Ashford in Surrey, Dagenham, Harrow, Brough in Humberside, Basildon, Stamford in Lincolnshire, Hinckley in Leicestershire and Wolverhampton.

Police propaganda states that this shows that investment fraud is a major priority for forces all over the country, although the City Police are of course the main agency for all things fraudulent.

In February an international operation involving Spanish, American and Serbian police saw 110 suspects arrested across Europe and North America and criminal assets seized worth £500,000 – a fact of which the City Police are very proud. They and 10 other forces (Thames Valley, Metropolitan Police, Essex, Surrey, Cambridgeshire, West Mercia, Humberside, Lincolnshire, Leicestershire, Northants) participated in the present exercise.