1,500 scammed in fake foreign investment funds

(ANSA) - ROME, OCT 7 - More than 1,500 investors in Italy were scammed by a fake foreign investment fund gang, Italian police said after placing 11 people under investigation in Lombardy, Rome, the province of Pesaro in Marche, and Switzerland.
    The unlucky investors were told they had put their money into trust funds set up in Bermuda and Lichtenstein, but instead the alleged gang syphoned off the cash, police said.
    Police seized over 21 million euros from the 11 alleged scammers.
    "You have to be careful about easy earnings," said Milan prosecutor Eugenio Fusco, adding that "the utmost caution must be shown in the case of investments in closed funds". (ANSA).