The Metropolitan Police have arrested another two people in connection with the Nouveau World Wines fraud investigation.

A 40-year-old woman and a 53-year-old man were arrested, as part of ‘Operation Iceman’, on suspicion of money laundering and have been bailed until October.

This follows the previous six arrests made on 4th March in connection into Nouveau World Wines Ltd, an alleged £3 million fraud involving Australian wine sold as an investment.

Although the wines existed, it is alleged that Nouveau World Wines Ltd did not purchase any.

It is understood that Operation Iceman has been extended to include Finbow Fine Wines Ltd.

Finbow offered investors deals on cheap Italian wine that it claimed could be sold at a substantial profit in China and other Asian markets.

decanter.com understands that the police are investigating as many as 20 drinks investment companies.

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Written by Jim Budd

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Jim Budd
Jim Budd
Decanter Magazine, Wine Writer & Photographer

Jim Budd moved from education to wine in 1988 and has written for Decanter since 1989. He is the former editor (1991-2015) of Circle Update, the newsletter of the Circle of Wine Writers.  He writes the award-winning www.jimsloire.blogspot.com and is one of the five members of the Les 5 du Vin blog. Budd exposes the dangers of drinks investment on his award-winning www.investdrinks.org website, and complementary www.investdrinks-blog.blogspot.com blog. He also contributes to Hugh Johnson’s Pocket Wine Book, Wine Behind the Label and the Academie du Vin. Budd is a keen photographer – especially in the Loire.