Barcelona, Spain - A Spanish opponent of capitalism defrauded 39 banks of 492,000 euros (699,820 dollars) to "denounce the banking system," media reported Wednesday.

Enric Duran, 32, sought credits for buying a flat, a car or for investments by companies which only existed in name.

He gave false information about his profession and income without being discovered by the banks' security filters, the daily El Mundo reported.

Duran used the credits to launch a magazine called "Crisis. Free publication to survive economic turbulences," which was being distributed Wednesday in the Barcelona area.

"I have robbed from those who most rob from us to denounce them and to create social alternatives," Duran wrote.

By the time the fraud was discovered, the man had already fled the country, El Mundo quoted his friends as saying. (dpa)