Two men held and Bentley car seized over alleged £1m investment fraud
- Published
Two men have been arrested and an £80,000 Bentley seized as part of an £1m investment fraud investigation.
The men, aged 73 and 75, were held in police raids in Hale Barns, Greater Manchester and Crewe, Cheshire on Tuesday.
Greater Manchester Police said the arrests were part of an investigation into allegations that a company had lost more than £1m of investors' money.
The men were detained on suspicion of money laundering and fraud.
They have been since released under investigation, a force spokesman said.
He said officers were "alerted to the potential fraud in November 2020, when a number of people from the North West, North Wales, and London, reported that they had entrusted their money to a company".
"[The company] promised to invest it for them, and they would see a large return in doing so," he said.
"It's believed losses amount to over £1m."
Police also seized a Rolex watch worth about £7,000 as part of the investigation.