By Janene Pieters on March 29, 2017

Three people were arrested and various homes and office buildings were raided on Tuesday in an investigation into 8 million euros worth of fraud committed by Dutch investment company Hollandsche Wind. The Public Prosecutor and tax investigative service FIOD also seized several cars, Tubantia reports.

According to FIOD, the now bankrupt Hollandsche Wind was used to commit Ponsi fraud – an illegal pyramid scheme. Investors paid a minimum of 5 thousand euros and were promised high returns on wind energy projects. But their returns were paid with money from new investors. No money was ever invested in wind farms or real estate. According to the Prosecutor, the fraud amount is around 8 million euros…..

READ AT: http://nltimes.nl/2017/03/29/raids-arrests-eu8-million-wind-energy-fraud-case