Police are hunting Edinburghborn Richard Bain after he failed to appear in court in Malaga on fraud charges on May 9.
Bain, 46, is linked to Toni Muldoon who faces more than four years in jail over the racket which fleeced cash from people with unwanted Costa del Sol properties.
Bain was previously arrested in the UK on charges of theft and fraud under the name Richard Thompson.
He is alleged to have conned timeshare victims in Spain by offering legal assistance to recoup their losses but then disappeared with their cash.
Lawyer Antonio Flores, who represents 160 British claimants, said: "This was a multimillion pound scam."
Timeshare owners were conned into paying upfront fees of around s1200 for selling their Fuengirolabased companies linked to Muldoon between 2001 and 2006.
An arrest warrant has been issued for Bain, Muldoon's wife and five others.
One rippedoff Scot from Balerno, Midlothian, said: "They got me the first time. It was quite an operation. You could hear a lot of phones going off in the background."
At Monday's court hearing in Malaga, 10 gang members were given suspended sentences of up to two years.
Six people, including Muldoon, pleaded guilty to fraud while four admitted charges of illicit association.
The court ordered that s438,000 defrauded from 300 Scottish and English claimants be paid back.
Bain's firm, Conectese was also reportedly not registered with Spanish authorities.
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