By Staff Reporter
PALMA police said yesterday that they had arrested four people in connection with an alleged fraud involving selling shares in a Bulgarian real estate company to British residents on the island.

Police estimated yesterday that the alleged fraud could total in excess of two million pounds sterling. A police spokesman said yesterday “the four people, of various nationalities had over-inflated the value of the shares by at least four times.” Yesterday, police raided two offices in Palma and Santa Ponsa and made the four arrests. “We have arrested two Britons, a Canadian and a Spaniard,” said the spokesperson.

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