An alleged £3 million fine wine scam based in Milton Keynes has resulted in the arrests of three people.
The two men and one woman were questioned about fraud and money laundering.
Officers say the arrests are in connection with a ‘wine futures’ scam between 2010 and 2012.
A police spokesman said: “Over 200 victims were persuaded to buy fine wine from a company based in Milton Keynes as an investment over a number of years.
“They were told the wine was being made and laid down and they would receive it in a set number of years once it had reached its vintage.
“The wine had never been made and the victims discovered the scheme was a scam.”
The victims, who police say lost £3 million between them, contacted police in August 2012.
The police Economic Crime Unit arrested a 22-year-old man and a 22-year-old woman from a house in Buckhurst Hill, Essex on Wednesday morning.
They also arrested a 47-year-old man from an address in Epping. All three have been released on police bail until February.