Mallorca money laundering case: five years sought

In Palma, Mallorca, prosecutors seek five years in prison and a €7,000 fine: a man accused of laundering investors’ money through a consultancy faces a pre-trial hearing on Monday at 09.30. The First Section of the Balearic Islands Provincial Court will hear the case.

According to the prosecution, the man opened a bank account in March 2019 for a company he ran alone. It was registered as a business management consultancy but had no lawful activity, prosecutors say. He allegedly let other suspects use the account. They are being investigated outside Spain’s jurisdiction.

Those suspects posed as investment experts for the company, offering unusually high interest rates or shares below market price. The offers involved online trading firms that did not exist or were inactive, the prosecution says. Many people signed investment contracts and sent money to accounts in different European countries, including the one the man had opened.

Prosecutors say he then transferred money from that account to accounts in Turkey controlled by the other suspects. They allege he kept at least €3,900 for himself, leaving investors out of pocket.

Topics: Court cases · Police

Source: Europa Press / Mallorca.com