An 81-year-old convicted fraudster, Paul Blanchard, has been acquitted of involvement in a £60 million Tenerife timeshare scam connected to the notorious gangster John “Goldfinger” Palmer. Blanchard, who was sought by Spanish authorities for money laundering allegations linked to a criminal group led by Palmer’s former security chief Mohamed Derbah, had consistently maintained his innocence by asserting he was cooperating with law enforcement.
After the collapse of the Spanish prosecution’s case, Blanchard expressed immense relief, stating that the accusations had loomed over him for years but were now finally resolved. Palmer, infamous for his role in the Brink’s-Mat robbery and subsequent fraudulent activities in Tenerife, had a falling out with Derbah, leading to a violent feud in the 1990s.
Blanchard, who had previously served a prison sentence in the UK for various financial crimes, including passport fraud and money laundering, successfully challenged an extradition order in 2021 due to legal technicalities. However, a subsequent extradition request from Spain in 2022 was approved by Westminster Magistrates’ Court.
Just before a scheduled hearing in May 2024, the case against Blanchard was dropped, signaling a complete vindication for him. He maintained that his UK conviction was unjust, emphasizing his role as an informant assisting Spanish authorities in monitoring criminal activities.
The European Arrest Warrant had labeled Blanchard as the “financial adviser” to Derbah’s network, utilizing his expertise in offshore banking and money laundering techniques. Despite the accusations, Blanchard’s claims of cooperation with law enforcement and providing valuable information on criminal activities were not confirmed by Spanish authorities during legal proceedings.
Blanchard’s association with Palmer and Derbah’s illicit operations, including money laundering and fraud, came to light during the investigation. The withdrawal of the extradition warrant was reportedly unrelated to Blanchard’s legal appeals but rather due to charges against Derbah being dismissed.
John Palmer, who amassed wealth through fraudulent schemes in Tenerife before his imprisonment, met a violent end in 2015. He was set to face charges related to timeshare fraud in Spain but was assassinated at his residence in Essex. The withdrawal of Blanchard’s extradition was attributed to the discontinuation of charges against Derbah, shedding light on the complex web of criminal activities involving multiple individuals in the case.