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Pair arrested in Qld fraud probe

AAP logoAAP 25/10/2016 Ed Jackson

A Queensland police investigation into a bogus investment scam that fleeced victims of $3 million has resulted in the arrest of two men.

The men, aged 23 and 37, are facing fraud and money-laundering charges.

They are accused of being the principals behind two companies that operated on the Gold Coast between August 2014 and December 2015.

Police allege during that time, the companies collected $3 million, including from an elderly couple in NSW who allegedly lost $180,000.

The 23-year-old man allegedly has links to the Finks motorcycle gang.

An 11-month investigation by police and Queensland's Crime and Corruption Commission was launched after police received information a bikie gang member was involved in fraudulent "boiler-room" activity.

It's alleged the companies sold memberships to a managed investment trading service, which involved victims making two separate payments.

More than $330,000 in cash seized by officers during the investigation is believed to be the proceeds of the fraudulent activity.

"I can only reinforce and restate the many previous warnings made about this type of activity," acting Detective Inspector Jason Gough said.

"Just because a company is registered and has a professional-looking website doesn't mean it is legitimate."

The arrests are the latest related to cold-call investment scams on the Gold Coast, with several other businesses targeted by authorities in the past two years.

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