A Scot accused of running a GBP 9million timeshare scam is on the run in Spain.
Police are hunting Edinburghborn Richard Bain after he failed to appear in court in Malaga on fraud charges on May 9.
Bain, 46, is linked to Toni Muldoon who faces more than four years in jail over the racket which fleeced cash from people with unwanted Costa del Sol properties.
Bain was previously arrested in the UK on charges of theft and fraud under the name Richard Thompson.
He is alleged to have conned timeshare victims in Spain by offering legal assistance to recoup their losses but then disappeared with their cash.
Lawyer Antonio Flores, who represents 160 British claimants, said: “This was a multimillion pound scam.”
Timeshare owners were conned into paying upfront fees of around GBP 1200 for selling their Fuengirolabased companies linked to Muldoon between 2001 and 2006.
An arrest warrant has been issued for Bain, Muldoon’s wife and five others.
One rippedoff Scot from Balerno, Midlothian, said: “They got me the first time. It was quite an operation. You could hear a lot of phones going off in the background.”
At Monday’s court hearing in Malaga, 10 gang members were given suspended sentences of up to two years.
Six people, including Muldoon, pleaded guilty to fraud while four admitted charges of illicit association.
The court ordered that GBP 438,000 defrauded from 300 Scottish and English claimants be paid back.
Bain’s firm, Conectese was also reportedly not registered with Spanish authorities.
Timeshares can be a terrific purchase for some families, as they also can be a giant rip off for others. 50 years ago, also known as Holiday Home Sharing or timeshare travel timeshares were created with the idea of offering fully furnished accommodations for a lower price than a full-time ownership.