Investment scam victims are losing an average of £45,000 each to fraudsters and falling prey to a soaring number of 'clone' investment scams, latest figures from Action Fraud reveal.

Between September 2019 and September 2020, Action Fraud received over 17,000 reports of investment fraud amounting to £657.4m in reported losses.

A convicted criminal accountant who defrauded a pension scheme of £292,000 has been ordered to repay the money.

A fraudster responsible for a £20.5m Ponzi-style investment scam has been jailed for 5 years and 4 months at Southwark Crown Court after a six year investigation.