€70 million fraudsters arrested in Spain

The Spanish National Police have arrested the activities of a criminal group involved in a major financial pyramid scam, a law enforcement press release said, TASS reports.

According to them, the suspects, who offered the victims high-yield investment products, committed fraud worth between 40 and 70 million euros. A total of nine people were arrested in Spain.

The scammers used a complex corporate structure, consisting of 21 companies registered in the Iberian kingdom, the United Kingdom and the United States, as well as a vast network of offices in the Spanish provinces to offer their products.

During the investigation, law enforcement officers froze many of the suspects’ bank accounts and carried out a preventive seizure on nine properties.