Operation Rico - the role of Eurojust
The Hague, 05 March 2014
A huge boiler room fraud case involving Spain, the UK, Romania and Serbia, and reaching as far as the USA, was reported widely in the media last week. An estimated 1,000 investors, mostly in the UK, lost millions of pounds when targeted over the telephone by unscrupulous investment fraudsters selling bogus shares in carbon credits, gold, renewable energy, forestry, eco projects, wine and land.
It is important to draw attention to the role of Eurojust in the joint investigation team (JIT) involving national authorities in Spain, the UK and Romania. The first coordination meeting took place in December 2012, at which national authorities in the UK and Spain signed a JIT agreement; Romania joined the JIT in February 2014. Many agencies have been involved in the JIT, including the City of London Police, the Crown Prosecution Service of England and Wales, the Spanish National Police, the Spanish National Court and the Prosecution Office of the National Court, and in Romania, the Directorate for Investigating Organised Crime and Terrorism. JIT RICO received financial support from Eurojust for travel, accommodation, interpretation and translation costs.
On 25 February, following a two-year investigation, a multi-agency, cross-border action resulted in 110 arrests carried out in Spain (84 arrests), the UK (20 arrests), Serbia (four arrests) and the USA (two arrests). The premises where the fraud was allegedly committed were searched after the issuance of 35 warrants, and luxury automobiles, designer clothing, watches and GBP 500 000 in cash were seized. Seventeen boiler rooms were closed, including 14 in Spain, two in the UK and one in Serbia.
The judicial aspect of the case, concerning the forum for prosecution, is ongoing. Most of the crimes took place in Spain, but the victims were predominantly from the UK.
For further information on Operation Rico, please see:
http://www.policia.es/prensa/20140301_1.html
For further information on Eurojust, please contact:
Ms Leen DE ZUTTER, Media and PR
Eurojust Press & PR Service
Tel: +31 70 412 5507
E-mail: info@eurojust.europa.eu