Major property scam targeting British citizens unravelled in La Manga del Mar Menor

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property scam

A trial has commenced in Spain against six individuals. They are accused of orchestrating a massive property scam amounting to €17.3 million. The accused were primarily targeting British citizens.

The fraudulent operations were centred around La Manga del Mar Menor. This is a popular Mediterranean tourist destination in Murcia on the Spanish East coast. The scheme, unfolded between September 2005 and November 2006. It involved the inflation of 327 mortgage loans and an additional 78 personal loans. These financial arrangements were extended to numerous individuals from the UK. The aim was for the victims to buy the properties in one of the picturesque coastal towns of La Manga del Mar Menor.

Multimillion-euro property scam

According to the prosecution’s documents, accessed by Europa Press, the half-dozen defendants allegedly set up a complex network to carry out this multimillion-euro fraud. The legal proceedings, which kicked off on Monday, shed light on the extent of the deception that preyed upon British nationals seeking to invest in Spanish real estate.

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Five-year prison sentence

The Spanish Prosecutor’s Office is seeking a five-year prison sentence for each of the accused. Furthermore they want to impose a fine of  €12 per day for ten months. Moreover, the prosecution demands the full restitution of the defrauded amount, plus legal interest, to the victims of this elaborate scam.

Also read: Property rental crisis opens opportunities for scammers

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