By Euro Weekly News Media •
Published: 26 May 2011 • 14:42
THIRTEEN people were arrested in Palma for defrauding dozens of UK investors with a pyramid type scheme. Most of them were Britons of Pakistani origin. They allegedly lured their victims into the scheme through a phone call which promised them a high rate-of-return on their investment.
Although the victims initially received the promised money, after a few months the payments stopped.
Following investigations, officers discovered that the calls were made from an office on Calle Joan Miro 3 in Palma. During the raid of the Palma property, police arrested 13 of the alleged members of the organisation.
Simultaneous raids were also carried out in Andratx and Santa Ponca. The ‘con-artists’ used a corporate network as a cover to disguise the fraud.
Investigations began several months ago in the UK after dozens of people reported being victims of fraud.
Through Interpol they contacted the island’s police headquarters and the drugs and organized crime unit UDYCO took over the case a few weeks ago and it culminated this week, however investigations are still open.
By Nicole Hallett
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