Saturday, November 22, 2014   

Chinese man held in Spain over housing scam
(06-12 14:55)

Spanish police have detained a Chinese man wanted for allegedly selling homes in China which were never built to more than 10,000 families in a scam worth over 24.5 million euros (HK$257 million).
Police said they arrested the unidentified man in central Madrid under an international warrant issued by Interpol at the request of Chinese authorities.
"More than 10,000 families invested their savings in the acquisition of homes which were never built," police said.
Most of the victims of the suspected fraud, which was carried out between 2011 and 2013, were from Baotou, an industrial city in northern China.
Police said they have requested that the man's real estate holdings in the town of Otura in southern Spain be placed under embargo.
The operation was carried out in cooperation with authorities in China, Japan and South Korea. --RTHK   
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