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| Version 4 | Version 5 |
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| Six arrested in £420m fraud case | Six arrested in £420m fraud case |
| (40 minutes later) | |
| Spanish police have arrested six people on suspicion of perpetrating a £420m ($600m) fraud relating to a London-listed company, it has been confirmed. | Spanish police have arrested six people on suspicion of perpetrating a £420m ($600m) fraud relating to a London-listed company, it has been confirmed. |
| The arrests relate to the fraud committed at an AIM-listed company called Langbar between 2003 and 2005, Spanish authorities told the BBC. | |
| Reports suggest that the main suspect involved is among those arrested. | Reports suggest that the main suspect involved is among those arrested. |
| The six arrests were made in Madrid, Barcelona and the town of Elche in the southeast of Spain. | The six arrests were made in Madrid, Barcelona and the town of Elche in the southeast of Spain. |
| The Serious Fraud Office began an investigation into Langbar in 2005. | The Serious Fraud Office began an investigation into Langbar in 2005. |
| False advertising | |
| According to the BBC's Danny Wood in Madrid: "The suspects are accused of using false advertising to boost the value of Langbar shares without making any deposits. | |
| "Langbar entered the London share market with a value of $300m. Police say the suspects created enough public interest in the company to fraudulently resell shares to a value of $600m." | |
| He added that the police said they had searched six premises where they confiscated computers and documents. | |
| "Through complex commercial and stock market operations, as well as falsifications, the arrested managed to make the value of the shares increase, without deposits to back it up, and profited from the subsequent sale of the shares," said a statement from the Spanish police. | "Through complex commercial and stock market operations, as well as falsifications, the arrested managed to make the value of the shares increase, without deposits to back it up, and profited from the subsequent sale of the shares," said a statement from the Spanish police. |