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Organised criminal gang arrested in Mallorca

Fri 27th May 2011

An organised crime gang comprising 15 expat Brits has been brought before a court in Spain accused with defrauding tens of millions of pounds from unsuspecting victims in one of Europe's biggest ever 'boiler room' scams.

The scam usually involves criminals employing high pressure sales tactics to con investors into buying non-tradable, overpriced or even non-existent shares, and are thought to cost the UK around £200 million every year.

Detectives believe the 15 suspects were cold-calling thousands of UK residents and pressurising them into investing in non-existent shares.

The men - aged between 22 and 41 - were arrested earlier this week in an armed raid in a joint operation between Spanish and British authorities at headquarters in Palma, Mallorca, where detectives claimed they were living "lives of luxury in the sun" .

Officers have appealed for any potential victims who may have inadvertantly bought investments with the Dyno Medical, Inca Pacific Gold and Mining and Viking Gold Resources companies to come forward to help with the investigation.

Detective Superintendent Bob Wishart, from the City of London Police's Economic Crime Unit, called the operation a "major result" in the fight against similar crimes. "It is the first time in Spain that authorities believe they have dismantled an operation of this scale in its entirety," he said.

Some of the younger members of the gang are believed to have been lured into the operation by crime bosses who rcruited them in British-speaking bars on the Island.

The gang appeared briefly in a Spanish court yesterday but are yet to face trial, City of London police said.

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