Scammer arrested for €100,000 property fraud in Tenerife
A man in Tenerife has been arrested after allegedly orchestrating a calculated property scam that drained nearly €100,000 from an acquaintance who trusted him completely.
The National Police say the suspect posed as the owner of a successful property auction company, using that false image to lure the victim into what he claimed were lucrative home-buying opportunities. Convinced he was dealing with a legitimate businessman, the victim authorised two transfers amounting to €23,500, believing the money was going towards the purchase of a property.
But investigators say the scam went far deeper. After winning the victim’s full confidence, the suspect managed to obtain his online banking log-in details and security codes. With unrestricted access, he allegedly emptied the account through repeated cash withdrawals and even applied for eight loans in the victim’s name. Three were approved, providing an illicit haul of €48,000. By the time the scam was uncovered, the total loss stood at a staggering €93,493.
Once detectives had gathered enough evidence, they got approval to raid the suspect’s home and freeze his bank accounts. During the search, officers arrested the man and seized two mobile phones, a laptop, ten USB sticks, a large collection of documents tied to the case, and €517 remaining from the blocked funds.
Police are now analysing the seized material to establish whether this was an isolated case or part of something bigger. Investigators warn that this method of fraud, gaining trust and then exploiting access to online banking, is becoming increasingly common, and urge residents to be extremely cautious about sharing financial details with anyone, no matter how credible they may appear.
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