The Guardia Civil in Spain has arrested three foreign nationals accused of running an elaborate bank fraud linked to a financial institution registered in The Gambia.
The operation, codenamed ‘Frux Clearing’, was carried out on Wednesday in Establiments, Mallorca. A Swedish couple, aged 64 and 52, were arrested at their residence, while a 67-year-old British man was detained in Santa Ponsa.
Spanish investigators allege the trio created a company tied to a Gambian-registered private bank, despite having no authorisation to operate in Spain. They are accused of targeting wealthy individuals at golf clubs in Mallorca, luring them with promises of quick profits in what officials describe as a pyramid scheme.
Victims’ funds were allegedly routed through jurisdictions with weak tax controls before being sent to The Gambia. Authorities believe at least half a million euros have been defrauded, though the number could rise as more victims come forward.
During the raids, police seized documents, mobile phones and other electronic devices for analysis. The Swedish woman was later released, while the other two suspects were brought before a Spanish court on Thursday and granted bail pending trial.
The Guardia Civil has urged the public to be cautious with investment offers and to verify the legitimacy of companies before handing over money.
The case is now raising uncomfortable questions in The Gambia. While there is no evidence that Gambian regulators were complicit, the alleged use of a Gambian-registered bank as part of the fraud scheme risks drawing fresh scrutiny to the country’s financial sector.
Analysts say the case highlights long-standing concerns about how lightly regulated banking structures in The Gambia and other small jurisdictions can be exploited by international fraudsters.
As of Friday, there had been no official comment from the Central Bank of The Gambia or the Ministry of Finance.
