A Spanish High Court judge has ordered Álvaro Romillo Castillo, the cryptocurrency entrepreneur known as “Cryptospain” and “Luis Crypto,” into provisional detention without bail. The decision follows allegations that Romillo masterminded a pyramid scheme that defrauded investors of $300 million. The order was issued amid investigators’ concerns—after detecting recent fund transfers abroad—that he might flee.

According to local reports, Romillo recently drew attention after admitting to financing the European election campaign of Luis Pérez, leader of the far-right political party Se Acabó La Fiesta (SALF). Law enforcement agents from the Civil Guard’s Central Operative Unit (UCO) arrested Romillo on Nov. 6.

The judge issued the detention order after being informed that Romillo posed a high risk of failing to appear for his scheduled Friday hearing. Investigators, working with Spain’s Tax Agency, had already traced $33.5 million in recent overseas money movements.

Romillo faces serious charges, including fraud, membership in a criminal organization, and money laundering. These charges stem from his creation and operation of the Madeira Invest Club (MIC), which Spain’s National Securities Market Commission (CNMV) described as a “financial boiler room.” The MIC allegedly promised investors minimum annual returns of 20% by raising funds for high-value assets such as virtual art, gold, boats, cars, and other luxury goods.

Authorities suspect Romillo systematically diverted funds from the platform to purchase personal assets. During interrogation, he defended his actions, claiming he intended to repay the estimated 2,700 affected investors. He also said he had refunded many victims in cash, though he was unable to provide evidence.

Romillo’s testimony raised doubts due to contradictions about his possessions and lifestyle. According to the judge, Romillo used his social media popularity to run a “fraudulent business of mass fundraising” between January 2023 and September 2024, funneling investor funds into personal wealth. Several prosecution groups have aligned with the prosecutor’s successful request for his immediate imprisonment.

• Why was Álvaro Romillo Castillo detained in Spain? A Spanish judge ordered his detention over a $300 million crypto fraud scheme.
• What is the Madeira Invest Club (MIC)? MIC is a suspected pyramid scheme promising 20% returns on luxury asset investments.
• Did Romillo fund any political campaigns? He admitted to financing Luis Pérez’s European election run for the SALF party.
• How much money was traced abroad by investigators? Authorities tracked €29 million in recent overseas transfers linked to Romillo.

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