Authorities have arrested four Dutch men in three countries in connection with an alleged $200 million Ponzi scheme linked to a firm called Quality Investments BV.

Financial-crime prosecutors in the Netherlands said they suspect Quality Investments BV sold fraudulent investments in U.S. life-insurance policies to hundreds of investors, The Associated Press reported.

Prosecutors told the AP two men were arrested in the Netherlands, one in Switzerland, and one in Turkey.

Dutch authorities estimate Quality Investments BV collected more than $200 million from investors, which it said would be invested in U.S. life-insurance policies. However, it may have been a Ponzi scheme, with cash from new clients used to pay returns to existing ones, according to The Wall Street Journal.

In association with the investigation into the alleged Ponzi scheme, authorities conducted raids across seven countries during which they seized real estate, cars, boats, an aircraft, and watches, in part to repay investors who may have been scammed, the Journal reported.

Founded in 2002, Quality Investments BV has an office in Amsterdam.