Six men have been arrested by detectives from the City of London Police as part of an investigation into a suspected boiler room selling carbon credits in the City.
Police believe the boiler room has already raked in about £1m from cold-calls across the UK using high pressure sales tactics to sell carbon credits, that are unable to produce the promised returns, for bloated prices.
The arrests were made following a raid by fraud squad detectives on a City office, and searches carried out across the south east.
Detective inspector Teresa Russell, who is leading the investigation, said: “In 2013 the City of London Police has targeted a number of City offices housing what we believe are criminal operations intent on defrauding elderly and vulnerable people out of large sums of money, some of whom have parted with their life savings.
“We will take action against criminals involved in this type of scam, close down their operations, holding those responsible to account.”