Euro Weekly News | Kingpin of €400,000 scam arrested in Costa del Sol | Costa del Sol | News | The Largest English Language Newspapers in Spain: "POLICE have arrested a person in the Costa del Sol thought to be the kingpin of a network that defrauded more than €400,000 from property investors. Several others have also been arrested. All except one – from New Zealand – are thought to be of British nationality.
The gang set up luxury offices they rented in the Costa del Sol, Alicante and Turkey in a bid to attract investors to non-existent construction projects in Turkey.
In order to give credibility to their scam, they prepared bogus plans and organised trips to the fake resorts. Their victims made significant deposits into bank accounts in Gibraltar and Turkey. Police discovered that the fraudsters also managed real estate offices in Britain.
Once deposits were made by unsuspecting victims, the fraudsters would vacate the offices, without paying outstanding rent and in some cases, even taking the office furniture with them.
One of the victims is a Belgian architect who prepared the plans for the fake building complexes, but was never paid.
Investigators specialising in financial fraud based in Alicante and Marbella have already discovered many victims of the scam, many of them foreign residents in Spain.
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