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At least 10 police reports have been filed by patients or their loved ones who paid up to €25,600 for a 'cure' which 'worked' by 'altering the lipids [fat content] of the membrane of cancer cells'.
It was given the name 'Minerval', and has not gone through any of the usual laboratory hoops to test its effectiveness and clear it for retail or mass hospital use.
The so-called medication was created by a spin-off company set up under the name of Lipopharma (pictured), using the university's laboratories to make up the drug, and advertising it online.
Only one of the professors is said to be linked to the university, but the second professor worked with him in the lab on campus.
Another three people who collaborated with the accused parties have also been arrested.
Investigators discovered the suspects had also been trying to sell a fake medication claimed to cure Alzheimer's.
In total, they are thought to have netted €611,000 by playing on the emotions and fears of patients and those closest to them.
The sums charged were disguised as 'a voluntary donation', but buyers were manipulated into believing that paying these extortionate sums would help ensure more doses of the 'cure' could be produced and that they would be benefiting the 'greater good'.
Both the accused professors used their academic status to convince buyers that the 'cure' was scientifically-tested.
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