Arrested in Spain One of the Biggest Cryptocurrency Scammers in Europe

The Spanish police managed to apprehend the scammer in Valencia, accused of scamming dozens of people with false investments in crypto assets.
The totality of the assets seized from the fraudster amounts to 2.5 million euros.

The cybercriminal of Portuguese nationality arrested by the Spanish Civil Guard in Valencia, was wanted throughout Europe accused of being involved in several scams related to investments in cryptocurrencies, according to the police.

For the 45-year-old man, whose identity was not disclosed, the authorities blocked bank accounts worth more than 2.5 million euros, which are presumed to have been obtained through multiple scams in several European countries.

Specifically, he is being charged with seven crimes of fraud and money laundering. The false investments were promoted by the detainee through a website that in turn advertised in various forums, the media, sporting events and charity actions.

Scams on the rise

Most of the criminal operations were carried out in Spain and Portugal, where dozens of people were scammed. The investigations that led to the arrest of the criminal began in August 2021.

The police were informed that the criminal had been operating in Spain, through a web platform where he applied the classic Ponzi scheme of fraud. To attract its unsuspecting investors, it offered minimum earnings of up to 2.5% per week, depending on the amount invested.

The confidence of the victims was increasing due to the profits obtained, as each time the investments and their performance grew more. The scammer used the scammed money to live a millionaire’s life on trips, banquets and buying luxury cars.

After the investigations, the Civil Guard managed to identify several victims of the scammer in Spain. However, it was also discovered that the criminal had already scammed other people with the same method in Portugal, Switzerland and Luxembourg.

During the raids carried out by the police on December 2 at the offender’s house, the company’s headquarters and a workshop, the police managed to seize hidden assets that the detainee had acquired with the scammed money.

Likewise, the authorities blocked the scammer’s bank accounts and proceeded to close the web pages that hosted the alleged legal investment platform. Various documents, computers, tablets, mobile phones and USB devices for cryptocurrency wallets were also seized.

Among the seized assets also include 13 high-end cars while another 7 were required. The total assets of the blocked fraudster amounts to 2.5 million euros between cash and vehicles.

The case file was sent by the police to the Examining Court number 3 of Valencia.

On The Flipside

Ponzi scheme scams have been growing around the world. Like hacks to crypto exchange platforms, as investments and adoption of cryptocurrencies in countries continue to rise.

Why You Should Care

In the investigation and subsequent arrest of the scammer, agents of the Technological Investigations Team (EDITE) and the Economic Crimes Team of the Organic Unit of the Judicial Police (UOPJ), of the Valencia Civil Guard Command, participated. Similarly, the operations had the support of Europol.