Costa Del Sol Timeshare Scam Leads To Arrests
It is believed that around 500 victims were fleeced of £15million in a Costa Del Sol timeshare scam which has led to the arrest of 36 Brits.
The innocent victims of this scam are believed to all be from the UK and they each paid from £550 to £2700 to the company based in Velez-Malaga.
Police have confirmed that the suspects posed as genuine businessmen using fake documentation and targeted timeshare owners offering them the possibility of acquiring a holiday package whilst also selling their timeshare to other possible buyers. To start with the scammers asked the timeshare owners for a ‘deposit’ and once they agreed to use their services, the victims were then asked to transfer sums of money to start the process.
As many timeshare owners are currently unhappy with being trapped in a timeshare, this seemed like a way to be free of the burden, however, the consumers began to realise that it was a scam, as their timeshare sales didn’t complete.
The money was used by the scam artists to fund a luxury lifestyle. Head office raids took place after the police acted on a complaint filed by a lawyer representing 33 of the British victims with police seizing a yacht, over £100,000 in cash, multiple designer goods and six vehicles including a Ferrari.
The Costa Del Sol timeshare scam has led to the thirty-six people involved being arrested and one placed under formal investigation, on suspicion of fraud, money laundering, criminal organisation and forgery. All those arrested have been remanded in custody.
If you feel like you have been the victim of a timeshare scam or want advice on how to get out of your timeshare contract, our claims advisors can advise you of your options, depending on your situation and requested outcome.
If you have been affected by a timeshare scam, get in touch with us here at Timeshare Compensation. Our experts can discuss your concerns and specific details to point you in the right direction.