The scams are a growing menace and last month alone Action Fraud received 21 reports of this kind, with a total reported loss of more than £34,000 to victims.
The bogus adverts were placed on social media and other websites and used images of Mr Lewis and Ms Meaden to promote fraudulent cryptocurrency investments.
Clicking on the advert takes users to the full article where their images were presented along with fake quotes recommending investments with the fraudulent company, in cryptocurrencies such as Bitcoin, Litecoin and Ethereum.
Alternatively, clicking on the advert takes victims to a page where they are ordered to give over their contact details, before con artists call them to talk them into parting with cash in fraudulent investments.
Deborah Meaden said: “With the growing sophistication of online fraud, it becomes increasingly important to carry out checks before parting with cash online.
“A quick Google search will often reveal the truth and all online advertising should be read set against the premise of, 'if it looks too good to be true then it probably is'."
Founder of MoneySavingExpert.com, Martin Lewis, said: “I find it sickening that these people are leeching off the trust I’ve spent years building in order to target vulnerable people and attempt to steal their money.
“Let me be very plain. I never do adverts. If you see my picture in an advert on Facebook or anywhere else recommending products – be it Bitcoin, binary trading, PPI firms or anything else – they are nothing to do with me. Be very, very careful.”
Director of Action Fraud, Pauline Smith, said: “Opportunistic fraudsters are taking advantage of this market, offering investments in cryptocurrencies and doing everything they can to defraud unsuspecting victims.
“Anyone who invests in cryptocurrencies should thoroughly research the company they are choosing to invest with.
“If you think you have been the victim of this type of fraud, contact Action Fraud.”