Police officers in Spain have apprehended six individuals linked to an elaborate cryptocurrency scam that defrauded hundreds of individuals of €19 million (at least $20.8 million).
According to a press release from the Spanish National Police, the arrests happened in Alicante, Torrevieja, Santa Pola, and Villajoyosa. Authorities have charged the arrested individuals with fraud, money laundering, and falsifying documents in a criminal organization and brought them before the Alicante Investigative Court.
Spanish Police Arrest Six
The arrests result from a joint investigation between the National Police and the Civil Guard. The apprehended individuals, aged between 34 and 57, belong to a criminal organization that defrauds victims through false crypto investments.
The organization’s activities came to light after a man in Grenada reported that he had lost €624,000 ($682,000) to scammers a little over two years ago. At the time, Spanish authorities were investigating a network of criminal operations related to document falsification in Alicante, so they combined their efforts and have solved 208 cases since then.
The first phase of the scam entailed luring victims using crypto investment ads on various websites. They used artificial intelligence to create simulations of national personalities advising people to invest in certain crypto products, making victims more confident in the profitability and legitimacy of the offers.
The scammers also tried to gain the victims’ trust by pretending to be in romantic relationships with them and sending them false information through fake websites with fabricated returns.
An Extensive Criminal Network
After a series of investments, victims found it difficult to withdraw their capital and profits. Following numerous complaints of being unable to withdraw, the criminals posed as investment managers to help the victims recover their funds. They claimed the assets had been frozen, asked for new deposits to unlock the funds, and disappeared again.
When the victims realized they had been scammed again after making the deposits required to unlock the funds, they began to report to national agencies. At this point, the cybercriminals executed the second phase of the operation.
They impersonated Europol agents and fake lawyers from the United Kingdom, claiming they had recovered the funds but needed more money to pay taxes in the country where the assets were blocked. Thinking the officers were legit, the victims agreed to pay the supposed taxes, again falling for the scam.
Alongside the 208 solved fraud cases, police officers have frozen €100,000 ($109,000) in stolen funds. The organization’s leader, who used over 50 false identities, was caught trying to escape to Dubai and is being held in custody. Upon searching their house, authorities seized many cell phones, computers, hard drives, a simulated weapon, and extensive documentation. More arrests are expected to be made as the investigation continues.
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