Spain busts 450 million euro scam

Spanish police have arrested a group of six individuals allegedly involved in a case of fraud, whereby they got their hands on 450 million euros.

The fraud involved the holding company Langbar International Limited. A statement on their website reads:

“The present Board of Langbar International Limited is determined to discover exactly what has transpired concerning company funds and to pursue their recovery. Our aim is to restore value for shareholders to the maximum that can be achieved.”

The company has been mixed up in previous scandals. Back in 2005, when the company was known as Crown Corp., it was the victim of a fraud after discovering millions missing from its accounts, according to company spokesman.

According to the Spanish police, the arrests were undertaken at the request of the British authorities investigating several individuals and companies. An investigation which started as far back as 2005.

Four arrests took place in Barcelona and one each occurred in Alicante and Madrid, police said.