More than 50 people were arrested in different points of Spain in a National Police operation against illegal investment companies.
Arrests took place in Barcelona, Madrid and Malaga in the operation against boiler-room operations, in collaboration with the UK and US police. The investigation remains open and police are carrying out searches in offices and private premises.
Most of the detainees are foreigners based in Barcelona, charged with misappropriation and money laundering, as they found investors abroad and offered them substantial gains through non-existent investment opportunities, from which they kept the money.
The detainees are due to appear before the National Court.
It is thanks to these operations that fraudsters can be removed from the Costa del Sol. Recently the Euro Weekly News reported on Nigel Goldman who was masquerading as a financial advisor, while helping himself to the hard earned savings of his victims.
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