Arrested in Palma for a 1.2 million euro scam involving a network of some forty shell companies

PalmThe National Police have arrested a man in Palma accused of orchestrating a scam of at least €1.2 million through a complex network of shell companies and bank accounts. The investigation points to a network of some forty shell companies used to carry out fraudulent collections through invoices. The case began to unravel after a bank manager detected significant discrepancies in the processing of direct debit payments. According to the police, within a few months, several clients had opened bank accounts with associated billing and invoice management services. From there, the scheme was repeated: shortly after the accounts were opened, invoices and receipts would arrive. The bank would process the payments and credit the corresponding amounts, but then the money would be transferred to other accounts. When it was later discovered that the invoices were fraudulent and refunds were requested, the accounts were already empty, making it impossible to recover the money. During the investigation, agents verified that the accounts and companies were registered in the names of Bulgarian and Romanian citizens. According to investigators, these individuals were used to create companies and open bank accounts that were then used to channel fraudulent transactions. Police have identified a corporate structure made up of more than forty shell companies which, according to initial estimates, caused financial losses exceeding one million euros. The main suspect has been arrested as the alleged perpetrator of the crimes of fraud, document forgery, and membership in a criminal organization. The investigation remains open, and agents do not rule out further arrests as they locate other possible individuals involved in the network.