• Spanish police were able to capture the suspect in Valencia who is accused of manipulating dozens of people into investing in false crypto assets.
• The fraudster seized 2.5 million euros worth of assets.

According to police, the cybercriminal, Portuguese by nationality, was arrested in Valencia by the Spanish Civil Guard. He is wanted for his involvement in various scams involving investments in cryptocurrency.

Authorities blocked the bank accounts of the 45-year old man, whose identity has not been disclosed. The account was worth 2.5 million euros. It is believed that he had been a victim to multiple fraud schemes in Europe.

He was charged in particular with seven charges of money laundering fraud. Through a website, the defendant promoted false investments that were then advertised on various forums, media outlets, and at sporting events as well as charity actions.

Espionage on the Rise

The majority of criminal activities were conducted in Spain and Portugal where many people were scammed. In August 2021, the investigations leading to the arrest led to the conviction of the criminal.

Police were told that the fraudster was operating from Spain via a website platform, where he used the Ponzi scheme. The minimum earning per week offered by the criminal was 2.5%, depending upon how much invested.

Due to increasing profits, victims’ confidence was growing as they saw their investments grow in performance. The scammer used the scammed money to live a millionaire’s life on trips, banquets and buying luxury cars.

After extensive investigations, several victims were identified by the Civil Guard as the victim of the fraudster in Spain. It was discovered, however, that this criminal had also scammed others in Portugal, Switzerland, and Luxembourg using the exact same technique.

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. A variety of documents, computer, tablet, smartphone, and USB devices used for crypto wallets were also confiscated.

13 cars of high value were among the assets seized, while 7 more vehicles were needed. Between cash and cars, the total assets of this fraudster amount to 2.5 million Euros.

The police sent the case file to Valencia’s Examining Court Number 3.

To The Flipside

• Scams involving Ponzi schemes are on the rise all over the globe. As crypto-exchange platforms and hacks become more popular, so do investments in cryptocurrencies.

What You Need to Care About

• Agents from the Technological Investigations Team, (EDITE), and the Economic Crimes Team of the Organic Unit of the Judicial Police, (UOPJ), participated in the investigation into the fraudster and his subsequent arrest. The operations were also supported by Europol.

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