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Three Britons have been arrested on the Costa del Sol

Last updated on 21:13 - by El NACHO - Tags :

Three Britons have been arrested on the Costa del Sol for allegedly defrauding European tourists by offering them mortgages and investment plans which in reality did not exist.The man considered to be the head of the group, named by police with the initials J.M.D. was arrested at Málaga airport as he was trying to leave the country with his wife M.D, who has also been arrested.

It’s thought the couple belonged to a group based in Estepona which had been offering ‘attractive conditions’ to investors since 2000 for mortages. The conditions however meant high initial payments. A third person, with the initials M.H. was also arrested in Estepona as part of the operation.

The name used by the group was The Mortgage Group Iberia, a company registered in the Dominican Republic and promised a 98% success rate to find mortgages in 30 days. They used a company called Midas Foundation which supposedly supplied the credit, but never actually made the credit firm, despite charging an initial 650 € for costs and between 1% and 2% of the mortgage in charges, monies which were never returned to the victims.

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