Police in the UK have arrested two more people in connection to a suspected GBP3m wine investment scam.

London's Metropolitan Police said at the weekend that it has arrested a a 43-year-old woman and a 53-year-old man as part of its investigation.

A total of eight people have been arrested in the operation, codenamed Operation Iceman, since the beginning of March 2010.

The arrests are connected to a suspected GBP3m investment fraud ring dealing in Australian wine.

"Police believe that victims of the alleged fraud were persuaded to invest large amounts of money in specialist wines from Australia that did not actually exist," said police.

Detective chief inspector Robin Cross, head of the Metropolitan Police Fraud Squad, said: "This kind of investment fraud is becoming far too common."

The two latest suspects were released on bail pending further inquiries. The investigation continues.