Pensioners warned over investment scams.

Pensioners have been warned to be extra vigilant about fraudulent retail and investment schemes after figures showed 78 rogue companies picked up £28 million from the public over three years.

The firms, which operated in England and Wales, represent about a tenth of the 800 firms which were wound up by the Insolvency Service from April 2009 to March 2012.

These bogus firms are believed to have scammed almost 2,000 investors during that time, with the oldest victim aged 92.

Selling fake plots of land was the most common deception, with 49 companies selling land for "building" that either did not exist or was in fact on green belt land.

Six firms sold unsuitable retail products, or products at highly inflated prices, including mobility scooters, stair-lifts, "heritage" coins and burglar alarms.

Meanwhile, four sold wine stocks that failed to yield any profits and 19 sold other forms of investment.

Copyright Press Association 2012