Spain’s Civil Guard Arrests Leader of 260M Euro Crypto-Linked Alleged Ponzi Scheme
Spanish authorities arrested the alleged leader of a €260 million international Ponzi scheme called Madeira Invest Club.Summary
Spain's Civil Guard arrested a man identified as A.R., known online as “CryptoSpain,” who is accused of leading an alleged international investment scam valued at 260 million euros ($300 million). The scheme, marketed as the Madeira Invest Club starting in early 2023, promised guaranteed returns on contracts tied to assets including cryptocurrency, gold, luxury yachts, digital art, and real estate. Authorities claim the club attracted over 3,000 victims by offering these profits, but no real investment activity occurred; instead, it operated as a Ponzi scheme paying early investors with funds from new ones. The operation involved a complex network of shell companies and bank accounts across at least 10 countries, leading to an investigation named Operation PONEI involving Europol and multiple international law enforcement agencies.
(Source：CoinDesk)