FIFTEEN suspected British fraudsters were behind bars last night after armed cops raided a £50million shares racket in Spain.

More than 2,000 elderly Brits, up to 90 years old, fell victim to the cruel scam. A team of smooth-talking phone salesmen based in Majorca persuaded them to buy worthless shares and bonds.

One investor lost more than £1million and losses above £200,000 were not uncommon.

Detectives from the City of London Police and Spanish cops targeted the crooks in Operation Dark Cross - one of the biggest ever UK probes of its kind.

More than 100 Spanish cops stormed into the conmen's nerve-centre - a five-room first floor complex in Palma.

A burly guard offered no resistance and suspects were ordered at gunpoint to lie on the floor.

All are thought to have links to organised crime and now face trial in Spain. A client list running to 600 pages and a 50-page fraudsters' instruction book were seized.

It is understood the salesmen were offered £5,000 Rolex watches as rewards for success.

Detective Chief Inspector Dave Clarke said: "The men behind this are nothing but unscrupulous cowards."