NZ Property a safer choice?

Two held over Spanish property scam that duped British investors

Madrid : Police have arrested two people after a two-year investigation into a €65 million (£54 million) property scam aimed at foreigners.

Prosecutors believe that as many as 200 overseas investors, most of them from Britain, were persuaded to buy into a number of nonexistent property developments along the southern coast of Spain.

The identities and nationalities of the two people being held were not released.

Police said that more than 20 other suspects from a number of countries were still being sought in connection with the fraudulent scheme. (AP)


SOURCE - Times Online

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