Officers from the North East Regional Organised Crime Unit (NEROCU) have issued a warning after reports of fraud involving a cryptocurrency investment platform.

The reports of fraud involve Coscoin, also known as Cos or Cosetek.

People across the UK have reported being unable to access or withdraw their money since November's end.

In the North East alone, 78 victims have lodged complaints, stating a total combined loss of £214,869 – an average loss of £2.9k per victim.

Coscoin, suspected to be based in Washington, US, purports to double users' investments quickly and appears to operate a Ponzi/Pyramid scheme structure, encouraging users to bring additional people onto the platform.

NEROCU's Economic Crime Team has spotted similar suspicious activity with other companies.

Detective Inspector Paddy O’Keefe, who leads the Economic Crime Team, said: "We’re urging people to be cautious in how and if they invest their money.

"There are those out there looking to exploit others and steal their hard-earned money to increase their illicit gains.

“When it comes to money, it might sound repetitive but, if it sounds to good to be true it probably is."

Detective Inspector O'Keefe also warned of scams promising to recover lost investments, urging the public to avoid instances of further fraud linked to original losses.