POLICE are investigating a share selling scam targeting former Tata Steel employees.

Cleveland Police have received a report that an ex-employee was approached by a company based in the United States, offering to buys shares for far more than their market value.

The victim was contacted by email and telephone, with the fraudsters building up a relationship with them over a period of weeks. In this case the company was Nomura & Partners, which is suspected to be a clone.

The force said there are many local residents who have links to Tata Steel and they could well be vulnerable to this scam.

The fraudsters approach victims and inform them that they are searching for any bonus shares held by the victim. Personal details are collected including the victim’s address and email address before the victim is informed they own shares which the company is willing to buy.

A non-disclosure form is then sent to the victim to sign, which prevents them from discussing the deal with any third party.

If the victim returns the form, the victim is contacted telling them if they wish to go ahead the fraudsters require an insurance bond (which will be returned to them) to proceed, before requesting a much larger amount of money.

The scam is designed to get cash and financial details from the victim. In this case the fraudsters requested funds be transferred to bank accounts in the Philippines.

A spokesperson for Cleveland Police said: “So far we have only had reports of one person contacted in the above way and the suspected fraudsters were not successful however we are concerned that other residents may be contacted.

“We would therefore advise people never to give out personal information over the phone and to beware of phishing emails asking for verification of personal details by clicking any links.”

Anyone who believes they have been the victim of a scam or fraud is asked to report it to Action Fraud or call 0300 123 2040 and also contact Victim Care and Advice service on 0303 040 1099.