Briton held for €17 million timeshare scam in Malaga

A Briton has been arrested suspected of heading a Costa del Sol timeshare fraud that duped 500 families out of €17 million.

In total 36 people – including the unnamed Briton’s wife, son and daughter-in-law –  have been held in the huge fraud.

A Velez-Malaga law firm is accused of laundering the profits of the fraudulent scheme operated by the quartet, who are said to have accepted cash for timeshare packages that turned out to be non-existent.

Detectives believe the family made more than €12 million in profits once the lawyer and other collaborators had been paid.

An investigation was launched after 33 of the victims approached a Benalmadena legal adviser who contacted the police.

Investigators as a result swooped on five properties, including the ringleader’s home, with high-end vehicles including a Ferrari and luxury yacht, €126,000 in cash, 10 expensive watches and jewellery among the items seized.

All 36 suspects have been remanded in custody as the probe continues.

Miguel Briones, sub-delegate for the Spanish government in Malaga, praised investigators, highlighting the ‘police muscle’ displayed and reassurance offered to the tourism sector and British community in the wake of the arrests.