In a cryptocurrency scam, over €19 million was deposited for a gang in the province of Alicante posing as financial advisors. The scammers produced AI-generated fake videos featuring celebrities promoting their products to gain the trust of potential victims.
Authorities reported that 208 people were duped into making bank transfers into nonexistent crypto investments by the high-profile ads posted on social media.
Arrests — including that of the gang leader—were made in the cities of Alicante, Torrevieja, Santa Pola, and Villajoyosa. The group left behind numerous mobile phones, computers, hard drives, and various documents, which were seized by investigators.
The investigation is ongoing, as several more suspects have been identified abroad.
A joint operation between the Guardia Civil and the Policía Nacional to expose the scammers began over two years ago when a man from Granada reported being defrauded of €624,000. The criminals even posed as Europol officials and UK-based lawyers who contacted their clients after they reported the incidents to the police.
They claimed that their “lost” investments could be reclaimed once they paid taxes to a specific country that owned a crypto wallet that would then allow them to be released. The conspiracy also involved some members of the group who posed as investment managers and assured that large sums could be recovered if an additional fee was paid.
Some desperate investors were therefore defrauded two more times in the hope of reclaiming their money. The police operation dragged on due to the enormous complexity of the scam. Numerous shell companies were set up throughout Spain to launder the proceeds.
The gang members also used several fake identities, with the mastermind assuming over 50 different names.
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