Consumer affairs minister Gerry Sutcliffe

Ministers have launched a new campaign aimed at cutting the number of people conned through bogus investment schemes.

Although the Department of Trade and Industry has closed 17 companies, officials estimate that consumers have invested more than £350 million in false enterprises.

Members of the public were advised to seek independent advice on any investment offers and never to offer bank account or credit card details.

Unsolicited investment advice, or offers of guaranteed risk-free returns should be treated with caution, and customers should always beware of pressure to make a quick decision, consumer affairs minister Gerry Sutcliffe added.

"The operators of these scams are very persuasive and it is often people who can least afford to lose the money who are being targeted," he said.

"I want anyone who is tempted to invest their money to think very carefully about anything which sounds too good to be true.

"We will continue to pursue the fraudsters and shut down their companies. But prevention is better than cure.

"If people are aware of the warning signs, they won't be taken in in the first place - even when new scams come to light."