350,000 Lose Life Savings In Stamp Scam
Shaveta Bansal - All Headline News Contributor
Madrid, Spain (AHN) – Some 350,000 inhabitants of a Spanish village have lost their savings in a stamp-investing scam, Spanish newspaper El Pais reported Sunday. According to AFP, hundreds of communities across rural Spain were reported to have been seriously hit by the pyramid-style scheme, one of the biggest frauds in the country’s history. The nationwide multi-billion euro scheme involved selling of over-valued stamps as investments and interest were paid out of money accrued from new participants. “It’s a catastrophe,” said Juan Bautista Martinez, mayor of the village of Dosbarrios. “It’s as though the village had lost harvests for five years in a row,” he told the newspaper El Pais. Nine executives of the stamp companies Afinsa and Forum Filatelico have been remanded in custody in connection with the fraud.
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