Police uncover real estate scam in Malaga targeting Britons

December 16, 2008

Spanish police have arrested a gang which swindled more than 200 foreigners of EUR 65 million in a real estate scam. Spanish authorities said Thursday they had broken up a gang which swindled over 200 people, most of them Britons, of some EUR 65 million in a real estate scam. Police searched six premises in the southern province of Malaga on Wednesday, arresting two people, the public prosecutors' office said in a statement. They want to question another 20 people suspected of involvement. The gang persuaded non-residents of Spain to invest in a non-existent real estate scheme in the southern Costa del Sol region. British authorities were involved in the investigation, which started two years ago and is continuing, the statement said. For an extensive choice of new and off plan property for sale in Spain on the Costa Blanca and Costa Calida, visit the Novocasa website.