POLICE in Notts have issued a warning over so-called 'boiler room' scams.

It comes after two victims, both from Nottingham, lost in excess of £140,000.

The scam involves fraudsters getting confidential personal information and bank details of victims.

They then make contact and convince them they can invest their savings and make a profit.

Further contact is usually made with the victim, via email or phone calls at work, asking for additional money to support their investment.

The scam often continues for weeks or months to gain the victim's trust.

The term 'boiler room' refers to the highly pressurised sales technique used by the fraudsters, who can be forceful, persistent and highly aggressive.

In the latest two offences involving city residents, the company claimed to be called JAM Capital based in Canary Wharf. This proved to be false. Police believe those running this scam may also be running similar scams using different names.

The Financial Standards Agency and City of London police are conducting Operation Archway, to collate intelligence about the fraudsters from around the UK. They are keen to hear from anyone who may have been targeted.

Sergeant Richard Stones, of the business crime unit, said: "Many people are so embarrassed that they have been fooled by these extremely convincing fraudsters that they don't report it.

"Scams like this can involve large sums of money and we are urging anyone who has become a victim to tell us. Their information could be vital in piecing together who these offenders are and where they are operating."

Anyone with information about those operating scams, or who has been a victim of a fraud offence should call Notts Police on 0300 300 9999 or Crimestoppers on 0800 555 111.