Spain catches swindlers committing fraud worth up to €70M

The Spanish National Police have stopped the activities of a criminal group involved in a major financial pyramid scam, reads a press release from law enforcement agencies, Report informs referring to TASS.

The suspects, who offered victims investment products with a high level of profitability, could have committed fraud in the amount of 40 million to 70 million euros. A total of nine people were detained in Spain.

The scammers used a complex corporate structure, which consisted of 21 companies registered in the Iberian kingdom, the UK and the US, as well as an extensive network of offices in the Spanish provinces to offer their products.

During the investigation, law enforcement officials blocked numerous bank accounts of the suspects and placed a preventive seizure on nine properties.