TWO pensioners were arrested in connection with a million-pound investment fraud in dawn raids this week.

The raids happened on Tuesday at addresses in Hale Barns and Crewe.

The men, both in their 70s, were arrested on suspicion of fraud by false representation and money laundering.

They have been released under investigation.

During the raids, police also seized a Bentley worth around £80,000 and a Rolex worth an estimated £7,000.

Police were alerted to a potential fraud in November 2020, when a number of people across the UK reported losing money after giving it to a company which promised to invest it for them for large returns.

Their combined losses are believed to amount to more than £1 million.

Police Constable Gemma Kennedy of GMP's Economic and Cyber Crime Section said: "We take reports of fraud extremely seriously, and we'll always thoroughly investigate where there's evidence of criminal activity.

"What we've uncovered are potentially the components of a highly sophisticated scam of which a number of people, not just in Greater Manchester, have been potential victims.

"While we've made some arrests and seized potential evidence, we're in the early stages of our investigation, and I would like to take the opportunity to remind the public to ensure that they stay alert to the risk of scams.

"Fighting fraud is a relentless task, but we'll continue to work diligently to ensure the people who commit these criminal acts are brought to justice."

PC Kennedy appealed to the public to report anything that is 'suspicious' or that seems 'too good to be true'.

Anyone with information is asked to contact police on 101, or to use the live chat function on gmp.police.uk.

People can also contact Crimestoppers anonymously on 0800 555 111.