Suspects may account for 90% of timeshare fraud in the Costa del Sol area in recent years.

On Friday, police in Spain announced that they had captured several individuals accused of timeshare fraud. The profits generated from these scams amount to more than 18 million euros. Though allegedly masterminded by an expatriate South African, this gang is known for its ties to British criminal elements operating in Tenerife as well as the UK.

Authorities claim that 90% of timeshare fraud on the Costa del Sol can be directly attributed to this organization, which operated behind more than 300 businesses.

While these arrests are a step in the right direction, I don’t think it qualifies as a happy ending just yet. Many people lost their life savings to these scams. In my view, a happy ending will only happen if all victims are compensated in full.

What’s the lesson to be learned here?
Do not take the purchase or sale of a timeshare lightly!
If you are one of thousands of people who have been defrauded in timeshare scams, you’ll know that buyer’s remorse often arrives too late. Choose an established company you trust to handle your timeshare transactions.

More on this story is available from the following sources:

Reuters
Typically Spanish
Times Online