Spain Business
Spain arrests ten rip deal money launderers
By h.b. - May 15, 2008 - 4:28 PM
email this articleTen arrests have been made, five in Madrid and five in Barcelona.
The National Police in Spain has arrested ten people, five in Madrid and five in Barcelona, in two swoops against ‘rip deal’ swindlers. The gang pretended to be foreign investors with a great deal of money to spend, but used the ploy to defraud their victims.
The group swindled 450,000 € from one victim in Barcelona, and were arrested when they were trying to con another victim in Alicante.
Police investigations started when a property was for sale in Calpe, valued at a million €, and two men, who called themselves Cristofel and Patrick, called the seller claiming to be foreign investors interested in making a purchase. The seller was suspicious and police then observed the later stages of the scam when he was offered a high commission from the group for accepting different currencies and cash in small denomination notes.
Meetings to finalise the deal took place in both Madrid and Amsterdam with the final offer to the seller of the property for him to receive 700,000 € in 500 € notes and in return provide a reduced sum in 50 and 200 € notes. The deal was set for a Madrid hotel and police arrested a total of three men and two women from the gang. The 700,000 € turned out to be all in false 500 € notes.
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