POLICE have warned about the danger of investment scams after a scheme linked to Great Yarmouth duped people out of more than �1m.It is thought that the money had been raised in a scheme after a company falsely claimed it was given approval by Great Yarmouth Borough council to build a casino on the town's Golden Mile.

POLICE have warned about the danger of investment scams after a scheme linked to Great Yarmouth duped people out of more than �1m.

It is thought that the money had been raised in a scheme after a company falsely claimed it was given approval by Great Yarmouth Borough council to build a casino on the town's Golden Mile.

The organisation was offering the investment opportunity in a package alongside development possibilities in the Seychelles and Spain.

Detective Sergeant David Kirkham said: “So-called “boiler room” schemes often pick on something with a grain of truth in it, and in this case it was the fact that the council do have the ability to grant permission for such a casino.”

Having gained search warrants, Norfolk Police, acting with the City of London Police, arrested six people at the company's headquarters in Barbican and two more in Norfolk on May 5, with all being bailed on the same day.

The economic crime unit of Norfolk Police have been working in collaboration with Suffolk Police in the past five years alongside the Serious Fraud Office to combat such schemes.

Det Sgt Kirkham said it often took years to fully investigate such cases, but added that they would not have made the arrests if they didn't think it had a chance of reaching court.

He also had a warning for anyone being approached: “There are many similar schemes around, and it is often elderly people- of which there are many in Norfolk-who fall prey to these.

“People need to be aware that if anyone is to sell investment to UK citizens they have to be approved by the FSA or, if lawyers, they must be licensed by the law society.”

Anyone wanting to contact the police about similar schemes can call 01953 424242.