42 arrested as large-scale mortgage scam uncovered in Seville
42 arrested as large-scale mortgage scam uncovered in Seville: "40 people have been arrested in Seville for an extensive mortgage fraud which used false documents to obtain loans amounting to some 2 million €.The suspects include local business owners and bank managers, and it’s understood from El Mundo that a notary who signed the majority of the transactions is also under investigation by police. Police give the number of victims identified so far as 60, 15 of whom were also taken into custody.
Fernando Sevillano, Chief of the Seville Police Fraud Squad, said in a press release on Thursday that the network was run through a company based in the city’s Edificio Forúm. The name of the company concerned has not been released, but Sevillano indicated that it is involved in real estate and private equity loans.
The EFE news agency notes that, while all the suspects are from Seville itself, the organisation also operated in Cádiz and Córdoba.
The mortgages were arranged on the back of false sales contracts for properties owned by the network’s victims, generally people with limited income and little education who, in exchange, had all their outstanding debts paid off by the network."
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