Four held over fraud first reported in Marbella

Four people have been arrested and two more are being hunted by police over a multi-million-euro property fraud first reported in Marbella in 2012.

According to the Guardia Civil in Malaga, the group loaned money to people and in return made off with the rights to their property.

Loans between 800 and 45,000 euros were being made, however the accused are believed to have netted some 12 million euros.

When first reported in Marbella, a foreign couple had had the name their Spanish holiday home was registered in changed from their own to that of a Spanish company called Alcazaga Levante SL after they were loaned 25,000 euros.

Investigators say that the couple were tricked into signing a document that passed title of their home to that company in return for 25,000 shares in it worth one euro each.