Telegraph.co.uk: 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.
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