Police in Quebec have arrested three suspects in an alleged $14 million Ponzi scheme, the Autorité des marchés financiers (AMF) announced Friday.

The regulator reports that the integrated financial crime prevention team that is part of the organized financial crime investigations division of the Sûreté du Québec (which includes AMF investigators) arrested three individuals in connection with a suspected Ponzi scheme.

Police say the operation, which took place in the region of Montreal, in the Eastern Townships and South Shore, also included searches in seven businesses and residences. The investigation is ongoing and more arrests could be made, it says.

At this point, no charges have been announced, and nothing has been proven.