Investigators looking into a multi-million euro fraud that spans Europe say the organisers scammed 4 million euros in 3 months from investors and deposited it in a bank in Magalluf.
The cash was later transferred to accounts in Turkey, where it was allegedly laundered and there was reportedly so much money being moved that it couldn’t be done through just one bank.
Earlier this week, 50 Officers raided a number of homes and businesses in Palma and Calvia. At least a dozen people have been arrested and the suspects include a former National Police Officer, his wife and a lawyer.
The Guardia Civil’s Judicial Police and the German Polizei are also investigating the involvement of bank director, who is a close friend of one of the suspects.
Investigators have been tapping phones and intercepting emails from the suspects for months.
The judicial records were carried out in Simó Ballester Street in Palma, Georges Bernanos in Palma, Bella Vista in Santa Ponsa, Son Cotoner in Palma, Els Geranis in Cala Viñas, Punta Ballena in Magalluf and Llorenç Vicens in Palma.
Investigators have discovered that on some of the fake web pages, the name and photograph of the CEO did not match and that investors were forking out 100,000-500,000 euros for assets that didn’t actually exist.
Swiss, German and Irish banks and the National Securities Market Commission had been warning of suspicious transfers for months.