Police are investigating an Aberdeen-based advice firm for allegedly running a fraudulent investment scheme.
The Aberdeen Press and Journal reports that the Economic Crime Unit (Scotland) has sent a letter to potential victims of the scheme, warning that the investigation is “large scale”.
The letter also warns that as an unregulated investment scheme, Midas was “not afforded the protection afforded by regulated products” meaning investors would not receive compensation for their losses.
Police are unable to confirm how many people may have been affected by the alleged fraud or confirm potential losses.
In August the FCA began its own investigation into short-term investments being offered by Midas Financial Solutions, which had previously been regulated as an appointed representative of Sense Network.
However, Sense has since confirmed that it has terminated its relationship with Midas meaning the firm was unregulated as of 11 August.
Companies House lists Midas Financial Solutions as an active company though Police Scotland say the firm is not currently trading.
A spokeswoman for Police Scotland says: “Police Scotland has been made aware of an alleged fraudulent scheme under the name of Midas Financial Solutions by the FCA.
“A criminal investigation has been launched and enquiries are at an early stage.”
Midas Financial Solutions directors Alistair Greig and Ian Towe both declined to comment.