CRIMINAL gangs have preyed on dozens of elderly victims across North Yorkshire, pressuring them into handing over thousands of pounds for worthless shares.

Police in West Yorkshire have already arrested three people in connection with “boiler room” gangs, who cold-call elderly or vulnerable people and offer them a “limited-time” offer to buy into a reputable company. Once someone has bought these fake shares, they are contacted again and offered new deals. Up to 50 people have already fallen victim to the scam.

Detective Inspector Steven Taylor of West Yorkshire Police’s economic crime unit said: “We are asking residents to be aware of who they are receiving calls from and also handing out their personal details too. You wouldn’t give thousands of pounds worth of your savings to a stranger on the street, so do not do it over the phone in this pressurised way.”

Callers should be asked for the name of their company, which can be checked using a internet search engine, and for their FSA (Financial Services Authority) number. For more information and advice on avoiding fraudsters, go to actionfraud.org.uk or phone 0300 1232040.