Spanish National Police, in a joint investigation with City of London Police, have dismantled a ‘boiler room’ financial operation in Palma de Mallorca which defrauded 50 million pounds,57 million €, from hundreds of British citizens.
Investigations have been continuing for 18 months.
The group captured funds by aggressive telesales campaigns offering attractive investment products which in reality did not exist, and the victims transferred their money into bank accounts opened in Spain under false names, after which cash was withdrawn or the money was sent overseas.
17 Britons have been arrested, 11 bank accounts have been blocked, five homes and the main ‘boiler room’ in Palma de Mallorca searched. British people manned the phones and the company was formed by British people, who also targeted British people as their victims.
Several police from the City of London force travelled to Spain to collaborate in the final operation. 15 arrests were made in Palma de Mallorca, and two more in Santa Ponça, Caviá.
Lists of hundreds of possible victims have been recovered, and manuals on how to get clients, bank documents, 23 lap top computers and 18 mobile phones have also been seized.
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