Boiler room scam broken up by police could have netted €38 million. image: Wikimedia

A boiler Room scam broken up by an International police team could have netted €38 million – or even more.

Officers of the Spanish National Police and Mossos d’Esquadra, in an operation coordinated by EUROJUST and EUROPOL, have dismantled a *Boiler room scam, that used the name of famous Spanish celebrities and others to lure investors into their fraudulent money schemes.

Eight individuals have so far been arrested, two of them in Malaga and Madrid, five in Bulgaria and one in Israel. All have been accused of fraud and money laundering throughout Europe using fraudulent investment schemes after having more than 300 complaints registered against them in Spain.

Investigators estimate that the total amount of money netted by the criminals exceeds €8 million in Spain and €30 million across the rest of Europe and was obtained between…

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