Santander, Spain  - A court in the northern Spanish city of Santander has ordered the release of suspected swindler Jose Perez Diaz, dubbed the Spanish Madoff, who was captured in Mexico after 18 years on the run, the court announced Tuesday.

The charges against Perez Diaz, known as Pepe el del Popular, 57, had come under the statute of limitations, the court said.

Perez Diaz was one of Spain's most wanted fugitives, with media referring to him as an "early Madoff" - after confessed US financial fraudster Bernard Madoff.