SIDCUP: Buildings search in wine scam investigation (From News Shopper)

SIDCUP: Buildings search in wine scam investigation

11:10am Saturday 13th March 2010 in

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MET Police Fraud squad officers have searched homes in Sidcup and in Docklands in an investigation into allegations of a large scale wine fraud.

Officers believe victims were persuaded to invest large amounts of money in buying specialist wines from Australia, which did not exist.

The people targeted were told the wines could be “laid down” and would increase in value with age, and were persuaded it was a solid investment to put their savings into.

In a police operation codenamed Operation Iceman, specialist officers raided the business and residential properties last week.

As a result, two women aged 40 and 32 and four men aged 40, 65, 30 and 34 were arrested on suspicion of money laundering offences .

Fraud Squad head, Chief Inspector Robin Cross said: “This kind of investment fraud is becoming far too common.

“We would advise those considering investing money, whether it be a small or large amount, to be sure the companies or individuals they are dealing with, are reputable and legitimate.”