Spanish authorities arrest 25 suspects in timeshare fraud scam - CNN.com

Spanish authorities arrest 25 suspects in timeshare fraud scam - CNN.com: "Spanish authorities have arrested 25 people suspected in a 10 million euro ($13 million) fraud scheme targeting German owners of timeshare vacation property in the Canary Islands, police said Friday.
The suspects contacted the timeshare owners, offered lucrative terms to buy their shares and lured the owners into paying what turned out to be non-existent taxes or transfer fees, Spanish national police said in a statement.
The timeshare property never actually changed hands, and the suspects vanished, only to surface elsewhere and repeat the alleged scam, police said.
With help from the German Embassy in Madrid, investigators identified a web of suspects spread among numerous businesses and locations, mainly on Tenerife Island -- one of the largest of the Canary archipelago of seven islands in the Atlantic Ocean"