25 people gave been arrested by National Police in connection with a massive real estate time share fraud based in the tourist resorts on the Canary Islands
The scam saw corrupt employees in other companies obtaining the data on German citizens who had time-share rights on the islands. This data was then used to make very attractive offers to the victims to purchase more time, and those who were interested were first called on to pay a non-existent tax.
The criminal investigation has been carried out with the help of the German Embassy and has uncovered more than 2,000 cases of fraud. The scam introduced fake notaries who guaranteed the operation to the victims, with no sales finally ever being completed.
One single individual, also of German origin, was found to have opened dozens of bank accounts under false names to collect the transfers made by the victims of the scam. The rest of those involved were indentified via this individual.
24 have been arrested on Tenerife, one more on Gran Canaria, and as many as nine homes have been searched and abundant documentation removed
Read more: http://www.typicallyspanish.com/news/publish/article_28353.shtml#ixzz18N5XG9bb
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