60 nabbed in timeshare scam | Fin24
  • Disposal?

    Sasol may be planning to sell its South African coal-mining operations.

  • National Carrier

    Fixing SAA means overcoming an 'organised crime syndicate', says ex-prosecutions boss Vusi Pikoli.

  • Fin24’s newsletter

    Sign up to receive Fin24's top news in your inbox every morning.


60 nabbed in timeshare scam

Mar 18 2015 15:02

Madrid - Spanish police said this week they arrested 60 people accused of conning hundreds of British timeshare owners out of their cash.

The gang tricked 500 people into paying supposed handling fees after offering an irresistible price to buy their timeshare holiday homes, a police statement said.

Police arrested the 60 suspects in Malaga on Spain's southern Costa del Sol and seized cash and real estate worth about a million euros overall.

The group telephoned timeshare owners "offering to buy at a very attractive price and saying that handling fees were involved", it said.

Using front companies and dummy bank accounts, "they asked victims to pay the handling fees in advance, but the purchase never went ahead, nor were the fees returned."

In some cases gang members even carried on the scam by posing as lawyers offering to help bring the fraudsters to justice.

Police detained the suspected leaders of the racket who are accused of laundering the proceeds.

Also among the 60 people arrested were those who made the phone calls and others who held the dummy bank accounts and companies.

Officers also seized 78 bank accounts, a boat and other vehicles along with computers and a money-counting machine.

spain  |  scams  |  world economy


Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
Comments have been closed for this article.

Company Snapshot

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

What's your view on deep sea mining?

Previous results · Suggest a vote