Protests mount over pyramid sale scam

MADRID - Angry victims of a suspected multi-billion Spanish pyramid-selling scam protested in the street yesterday and formed a nationwide pressure group to fight to recover their savings.

More than 350,000 savers, overwhelmingly retired people of modest means, invested an estimated €3.5 billion ($7.15 billion) in two stamp-dealing firms that were raided by police.

The companies, Afinsa and Forum Filatelico, world leaders in stamp dealing, are under criminal investigation for suspected fraud, tax evasion, embezzlement and money laundering. Nine people have been detained.

Police reportedly found €10 million buried in two holes dug behind the luxury Madrid villa of one of those detained. The detainees face questioning from today in Madrid's National Court.

Prime Minister Jose Zapatero said the authorities were working to defend investors' rights.

- INDEPENDENT