Three held over fake rescue finance scam

Guardia Civil officers have dismantled a network accused of targeting struggling businesses with bogus rescue finance deals, following arrests in Valencia and Tenerife.

The alleged scheme offered companies up to €25 million in return for advance payments that never produced any funding, according to investigators. Three people were detained as part of Operation Nikart.

The inquiry began in July 2026 after a company in La Rioja reported that it had made advance payments on the understanding that it was securing exceptionally favourable finance, only to receive nothing in return.

Investigators say the group focused mainly on business owners, self-employed workers, football clubs and others facing urgent funding problems. The suspects were said to pose as a highly solvent investor and to promote rescue-style financing arrangements that existed only on paper.

According to the Guardia Civil, the alleged network relied on repeated phone contact and carefully arranged face-to-face meetings. Officers say the suspects used luxury cars, met victims in high-end hotels and displayed large amounts of cash to create the impression of serious financial backing.

The main suspect is alleged to have acted as the owner of a fake finance firm, building trust with victims by claiming to have more than €25 million available to invest. A woman based in Tenerife is said to have identified possible victims online, collected documents and helped give the offers an appearance of legitimacy.

Police also said a man linked to the pair handled the receipt and movement of the money taken from victims, using bank accounts and other means to make the funds harder to trace. Investigators say the alleged organiser had been trying to avoid police for years and used false identities, including that of a dead person, to conceal his assets.

During searches of the detainees’ homes, officers seized documentation, material linked to the alleged fraud and cash. The suspects, aged between 46 and 66, are also linked to previous wanted notices and other proceedings involving property offences, according to the force.