Spanish national police have arrested six men in connection with a massive $600million shares fraud

Spanish national police have arrested six men in connection with a massive $600million shares fraud on the London Stock Exchange. Officers from the National Police Economic Crimes and Money Laundering Unit pounced in raids across the country as part of an investigation started by Britain’s Serious Fraud Office four years ago.
Four men were arrested in Barcelona and one each in Madrid and Elche, just inland from the Costa Blanca near Alicante, in south-east Spain. Five of those held are Spanish and the other comes from Argentina. Spanish National Radio reported that one of those arrested was an agent for MOSSAD – the Israeli intelligence service. Spanish police said the Serious Crime Office alleged the massive swindle began in 2003 and was rumbled two years later in 2005. It involved the fraudulent sale of shares in a fictitious company. When it started trading on the stock exchange, the company was said to have assets totalling £370million. Later various financial operations were announced in the firm’s name which led to the value of the shares in the false company going up. Adverts were also placed in specialised publications aimed at creating interest in the shares, said a police statement issued in Madrid.
As well as the arrests Spanish detectives also seized a large quantity of documents and several computers. The six were today being held at a top security prison near Madrid where the case is being handled by the National Criminal Court which deals with all extraditions. If those held agree to be sent to Britain they will be escorted to the UK within a week or two. But if they fight extradition they could spend many months behind bars before a full hearing in front of a panel of three judges at the National Court.

Posted in: National Police Economic Crimes and Money Laundering Unit