Fraud Suspected in Real Estate: Two Men in Custody - Two men arrested in €10M real estate fraud scheme across Germany
Authorities have apprehended two men in connection with an alleged organized real estate fraud scheme. The suspects, a 35-year-old from Essen and a 40-year-old German national detained in Mallorca, are accused of defrauding buyers out of millions of euros.
The suspects allegedly purchased properties in need of renovation, performed minimal work, and resold them at greatly inflated prices. To bolster their deception, they falsely claimed extensive renovation work had been done. Authorities estimate the potential damages to be up to ten million euros.
The two men are currently in custody. During searches of their residences and business premises, authorities seized data storage devices, which are believed to contain evidence related to the case. The investigation is ongoing, and no further information about the other five suspects has been released.
The arrests follow an investigation into suspected organized real estate fraud in the Rhine-Ruhr region. The two men are accused of defrauding buyers out of substantial sums. The seized data storage devices are expected to provide valuable insights into the alleged scheme.
