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Police said they believe individuals affected were fleeced out of approximately £15m, with an £11m profit being made. Most of those arrested are believed to be British.

The company is based in the coastal city of Velez-Malaga, east of Malaga.

The police seized a yacht, more than £100,000 in cash, multiple designer watches, jewellery and more than six vehicles including a Ferrari during the raids on a lawyer’s office and the head office of the company.

The defrauded victims are all from the UK. It is understood that they paid between £550 and £2,700.

Police have confirmed the suspects used bogus documentation to pose as genuine businessmen, employing co-conspirators who would target victims who had previously been targeted promising to help them get their money back.

“National Police officers have smashed a criminal organisation based in the province of Malaga specialising in timeshare fraud,” confirmed a police spokesman said.

“Thirty-six people have been arrested, and another placed under formal investigation but not arrested, on suspicion of fraud, money laundering, forgery and membership of a criminal organisation.”

Detained is the mastermind alleged ringleader, a British man, and his alleged two lawyers whom are believed to have been responsible for the money laundering.

“The scam was the that the suspects offered their customers, all British and timeshare owners, a timeshare holiday product.”

Police named the operation Manta, which translates to blanket.

The raids took place after the police were asked to act on a complaint filed by a lawyer representing 33 of the British victims.

Spanish police confirmed they had exposed “a criminal network composed mainly of six people, namely the main suspect and intellectual author, his wife, his son and his daughter-in-law, all people he trusted who were on the next level down to him”.

In total, there are said to be 30 accomplices.

Police described how the suspected scam worked: “The suspects contacted potential victims, all timeshare owners and all British, and offered them the possibility of acquiring a holiday package as well as selling their timeshare to other possible buyers.

“To start the ball rolling, and buy or sell the holiday package, they would ask their victims for a sum of money they termed a ‘deposit’.

“Once the victims agreed to use their services they would then persuade them to transfer sums of money to start the ‘process’ duping them into making bank transfers.

Consumers then started to realise that after the sale or purchase didn’t complete that that they had been conned.

All those arrested have been remanded in custody after appearing before a judge.

The suspects were not named at Wednesday’s press conference.

 

For more information regarding this article or assistance in any other timeshare related issues please contact the TCA on 01908 881058 or email: info@TimeshareConsumerAssociation.org.uk