British investors lose millions to Majorca-based scammers

Donna Kingsley, Financial Crime News Contributor  Over 400 British investors have been brutally scammed by a Majorca-based team of fraudsters selling bogus investments products. Using high-pressure techniques and sophisticated selling methods and targeting wealthy retired British people, the bandits operated out of offices in the tourist areas of Andratx, Santa Ponsa  and the island’s capital Palma.

Following raids all over the island, Spanish Police made 13 arrests. The 13 people arrested were all British nationals. Initial reports from Spanish police say the bandits could have taken more than £4M. The arrests were the result of a joint operation by Spanish and British police.

The scammers promised their unsuspecting victims high returns for valueless, or imaginary shares in companies with glossy, but fake websites.

The City of London‘s National Fraud Intelligence Bureau (NFIB), said: “We urge anyone who thinks they have been a victim of this or any boiler room scam to get in touch….we believe there could be between 300-400 individuals who have fallen victim to this scam alone.”

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