try it, but trust me you are wasting your time...Google doesnt care about one super tiny fish...they are trying to bring down the 500lb gorillas causing problems to their super easy to beat algo....

This is pretty "ugly" strategy to be honest. I can't say it works, but it could. Karma is a bitch you know...

If you complaint with evidence, google may lower your competitor's ranking.

You shouldn't waste your time in knowing what your competitors are doing, instead invest that time to improve your site.

Google algorithm is very different, if your report to Google, Google won't listen to you as well, it has own algorithm to detect paid links.. it has a system...

I guess you have nothing to lose, but make sure your evidence is rock-solid-court-quality and you use a disposable Webmaster Troll account to do the report.

In my experience Google is far more interested in sites selling links than buying them.

And watch over your shoulder, Karma will get you in the end