A major scam in which more than 50 timeshare owners in Tenerife had been conned of a total 1.5 million euros was uncovered by Spanish Police last month, and seven people arrested.
The fraudsters had been operating under different company names, and had been under investigation since February.
Owners would be approached with the promise of a buyer for their timeshare and asked to pay an average of 30,000 euros to close the deal. Allegedly the fraudsters were using false names of solicitors and notaries, as well as false “legal” documents, to trick their victims. Once the money had gone into the fraudsters’ account, the potential buyer would disappear, as well as the money.
RDO’s Enforcement team is working closely with the Police to assist in the ongoing investigation. Further details of the companies involved will be disclosed shortly.