The European Union Agency for Law Enforcement Cooperation, known as Europol, reported the arrest of 5 members "involved in a cryptocurrency investment fraud network."
In a notice on Monday, Europol stated that the Spanish Guardia Civil, with the support of the agency and law enforcement from the United States, France, and Estonia, arrested 5 suspects accused of defrauding over 5,000 investors of 460 million euros (approximately 542 million dollars at the time of publication). Authorities reported that three arrests and searches were conducted in the Canary Islands on Wednesday, and two in Madrid.
"To carry out the fraudulent activities, the leaders of the criminal network allegedly utilized a network of associates spread across the globe to raise funds through cash withdrawals, bank transfers, and cryptocurrency transfers," the notice stated.
The case marks one of the largest cryptocurrency investment schemes involving Spain. In January, local authorities reported freezing over 26 million dollars in digital assets related to money laundering activities.
"Investigators suspect that the criminal organization established a business and banking network based in the Hong Kong region, allegedly using payment gateways and user accounts under different individuals' names to receive, store, and transfer criminal funds across various exchanges."
On June 18, the US Department of Justice announced the seizure of over 225 million dollars in assets "related to cryptocurrency investment fraud," involving pig butchering scams. This scheme refers to the practice of convincing victims to send increasing amounts of money over time to "fatten" them up.
US authorities also reported in June that 5 men admitted to participating in a 37 million dollar cryptocurrency fraud case, with assets sent to Cambodia.
Related: Iranian cryptocurrency exchange Nobitex, which was hacked, gradually resumes services
Original: “Spanish authorities arrest 5 in $541 million cryptocurrency fraud case”
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