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Britons in Mallorca accused of scam worth £50m
Fifteen Britons suspected of running one of Europe's biggest boiler room scams have been arrested in Mallorca. Armed British and Spanish police carried out a raid in Palma last week at the headquarters of the gang.
‘Boiler room' fraudsters use high-pressure sales tactics to sell worthless or non-existent shares. It is thought that up to 400 British people have been cold called from the base in Palma and conned into investing an estimated £50m. Inca Pacific Gold and Mining, Dyno Medical and Viking Gold Resources are amongst the names of the companies used by the gang.
The men, from Nottinghamshire, Essex, Luton and London, plus two German nationals, appeared in court in Palma last Thursday. They have been remanded in custody whilst they await trial.
