Euroresiuk

British investors buy non-existing properties on the Costa del Sol

International network which defrauded 65 million euros from British investors broken up

The anti-corruption prosecution service in Spain has announced that it has broken up an international criminal network which defrauded 65 million euros from 200 British investors who were promised that their money would be invested in properties in the Costa del Sol.

The investigation which was given the name ‘Operación Fuentespino’, has led to the arrest and detention of two people in Malaga. Another 20 people of various nationalities are believed to be involved in the criminal network.

The law courts of Fuengirola are directing the operation which is still open. It is believed that those involved are responsible for fraud, false documentation, money laundering and crimes against public finances.

According to judicial sources investors were promised properties in various locations along the Costa del Sol which did not exist.