Bankruptcy scam on Tenerife leads to two arrests
National Police have arrested two people and are investigating three more as alleged perpetrators of a crime of belonging to a criminal group and misappropriation committed on Tenerife.
The purpose of the group was to obtain an illicit profit from the alienation of assets of companies involved in bank-ruptcy proceedings.
The investigation began at the end of 2017 at the request of the Public Prosecutor’s Office.
Police discovered the existence of a structured criminal group within which different members fulfilled tasks that were facilitated by the profession developed by each one of them.
The insolvency adminis-trator assumed the bankruptcy proceedings designated by the courts. Prior to this and through another member of the group, an expert in the profession, valuable assets were mini-mally priced with the purpose of being purchased at a very low price by another com-ponent of the organisation.
The investigation of the National Police has located sales of assets of the insolvent companies worth 350,000 euros that were sent to countries of the African and American continents in order to make it difficult to trace and locate them.
The proceedings have allowed the discovery on the island of Tenerife of a construction company that, without resolving bankrupt-cy, would have acquired machinery and vehicles worth 180,000 euros. The companies that were in voluntary bank-ruptcy of creditors had a total volume of assets of around 150 million euros.
The actions have been carried out by the Economic and Fiscal Crime Group of the National Police of Santa Cruz de Tenerife.