An NFRN statement said: “The move follows an internal investigation which has identified that the company has been the victim of an internal fraud that has resulted in significant funds being misappropriated.
“The matter has been referred to Durham police.”
The NFRN advised members that bought products from Savewell Direct to look for other suppliers immediately.
It added that the NFRN itself had not been financially affected but that because of the continuing police investigation it will not be commenting further.