A 34-year-old British man was arrested by the National Police at Palma Airport on Thursday. The police were acting on a European Arrest Warrant issued by a court in Antwerp on March 13. He was wanted in connection with an investment fraud said, in his case, to total €785,896 and is accused of forgery and money laundering as well as fraud.
With a lawyer, he was taken to the courts in Palma on Friday, where he testified via videoconference before a judge at the Audiencia Nacional national court in Madrid who is overseeing the case and extradition.
He is alleged to have been involved in an international investment fraud put at approximately €3.05 million. This was a Ponzi-type investment scheme operated by a company based in Finland named as Serge Energy between January 1, 2019, and September 9, 2025.
He allegedly deceived investors with non-existent projects related to wood pellets in Finland and Canada. These investors purchased plots of land that were supposedly going to be planted and processed into pellets with a promised return of up to 25 percent, along with mandatory insurance and maintenance costs.
These activities did not exist, and some initial payments were made solely to attract new investments. He is said to have transferred the 785,896 euros to a Belgian bank account in his name.