TEN Britons are among 22 people arrested in a multi-million-euro fraud bust.
The gang are believed to be responsible for defrauding over 200 Brits out of €8 million in a ‘boiler room scam’.
Using telemarketing campaigns, the group persuaded victims to hand over large sums of money for investment packages that did not exist.
The investigation, a collaboration between the National Police, Serious Organised Crime Agency (SOCA) and City of London Police, also resulted in the seizure of four firearms, ammunition and €367,000.
“Investment fraud is all too often a crime created abroad to target people back here in the UK, with the vulnerable members of society being most at risk,” said Det Supt Tony Crampton, from City of London Police.
“In order to get to grips with this criminality and target the fraudsters who feel they are operating outside the law, it is necessary to develop international alliances between law enforcement and counter fraud agencies.
“This successful operation in Spain provides further evidence of how these partnerships are now delivering the sort of results that should make organised crime gangs think twice before starting their criminal enterprise,” he added.
The gang, who were arrested in various locations across Cataluna, changed addresses regularly and used the name of a non-profit organisation.
Five British nationals have been released on bail while the rest of the group remain in custody.