National Police have broken up a network which defrauded four million € from 70 businessmen in Spain, Portugal and Holland.

National Police have broken up a network which defrauded four million € from 70 businessmen in Spain, Portugal and Holland. They caught out their victims by saying that they were businessmen representing Italian investors and offered loans for a share in the profits. Six arrests have been made, four of them in Marbella, one in Ibiza and another in Alicante, according to a police statement. The fraudsters set up a group of companies, based in Marbella, but with links to Alicante, Ibiza and Barcelona. Before the victims signed the contract they had to pay some costs and what was described as for insurance on the money requested.As part of the operation police have embargoed four properties worth more than a million €, together with several top of the range cars, and blocked 400,000 € in current bank accounts.