Suspected boiler room dismantled

Seventeen people have been arrested after police raided what is believed to be a Spanish boiler room that defrauded hundreds of Brits.

City of London Police worked with Spanish authorities on the operation in Palma, Mallorca. Fifteen of those arrested were British, and all have been remanded in custody, having been indicted under Spanish law.

Boiler room fraudsters use high-pressure sales techniques to sell non-existent or worthless shares and bonds.

Police believe the gang behind this boiler room may have taken millions of pounds from victims, spending the money on a luxury lifestyle.

City of London Police’s Det Supt Bob Wishart said:

“It is the first time in Spain that authorities believe they have dismantled an operation of this scale in its entirety. It was a real message for the crooks out there, and we are very grateful for the work, support and co-operation we had from Spanish police.”

The force is now urging anyone who believes they may have been a victim of investment fraud to come forward, by contacting Action Fraud.

Visit www.actionfraud.org.uk