28.11.08 - 11:37 -
The anti corruption prosecution service in Malaga has led an operation to break up a network which has allegedly cheated around 200 investors, most of them British and living outside of Spain, out of 65 million euros. However, that is the number of people affected known about and the investigation team have estimated that in actual fact it could be nearly one thousand.
During the operation Guardia Civil Officers searched six premises in the province of Malaga, the main of them in Fuengriola and Mijas, and two of them lawyers' practices.
During the operation Guardia Civil Officers searched six premises in the province of Malaga, the main of them in Fuengriola and Mijas, and two of them lawyers' practices.
It has been revealed that the swindle entailed the buying up of rustic land in the name of companies which are based in tax havens abroad. The land was then put in the name of various Spanish companies and investors were sold shares with the promise of high dividends when it was developed but nothing was ever done on the land.
