The London Evening Standard reports that officers from Britain and Spain carried out raids in Barcelona, Madrid, Marbella and London this week in one of the biggest anti-fraud operations ever staged.
A total of 110 alleged fraudsters were held as police moved to stamp out so-called boiler room fraud, where investors are duped into buying worthless or non-existent shares.
Among those held were criminal kingpins according to detectives who enjoyed lavish lifestyles, spending the stolen money on sports cars, designer watches, drugs and prostitutes.
One of the suspects was believed to be paying £40,000 per month just to rent an apartment. An Aston Martin and Ferrari were among the cars seized by police, along with various watches and £500,000 in cash.
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