Police arrest dozens after investigations into a multi-million-pound timeshare scam in the Costa del Sol.
It is reported that the 500 people affected, most being British, were in total defrauded of around £15 million, with a profit of £11 million being made. It is understood that the victims paid from £550 to £2,700 .
The suspects were said to have used fake documents to pose as businessmen, who also employed others that would dupe victims, once they had already been scammed, by claiming they could help get their money back.
When the police raided the suspects’ lawyer’s office and headquarters, they found more than £10,000 in cash, 10 designer watches, gems, seven vehicles (including a Ferrari) and a yacht, that were then confiscated.
The criminal organisation was based in Malaga, and specialised in timeshare fraud. Thirty-six people have now been arrested, with others under investigation, under suspicion of fraud, money laundering and forgery. A British man is said to be the “ringleader” for the organisation, who has also been arrested.
It is said that the scam worked by the suspects contacting their potential victims, and offering them the possibility to acquire a holiday package as well as selling their timeshare to other potential buyers.
They would ask them to make a “deposit” for the holiday, and then asked for another bank transfer afterwards. Once the sale or purchase didn’t go through, the victims realised they had been duped, and contacted lawyers. One lawyer received up to 33 British citizens filing this same complaint.
All the suspects are remaining in custody, after they appeared in front of a judge. They have not yet been named.