The organization would have established a network of companies and bank accounts in several countries.
It is estimated that more than 3,000 people have been harmed.
The Civil Guard arrested the Spanish citizen AR, known on social networks as CryptoSpain, accused of leading an international network dedicated to fraud and money laundering through false investments in cryptocurrencies and luxury goods.
According to the authorities, the operation – called PONEI – made it possible to dismantle an international structure that operated under the name Madeira Invest Club (MIC), with a presence in several countries and an economic loss exceeding 260 million euros. It is estimated that more than 3,000 people were affected.
The group presented itself as a “private investment club” that offered guaranteed returns in sectors such as real estate, high-end vehicles, gold, whiskey and crypto assets. The investments were formalized through contracts for the acquisition of digital works of art, which the MIC promised to repurchase within a specific period with fixed profits.
To sustain its activities, the organization would have created a network of companies and bank accounts distributed in various jurisdictionsincluding Spain, Portugal, the United Kingdom, Albania, the Dominican Republic, the United States, Malaysia, Belgium, Thailand and Hong Kong.
Civil Guard investigations revealed that the network lacked real economic activity. In reality, it was a pyramid scheme, in which the profits of the first investors came from the money contributed by the new participants.
The case is being handled by the Central Investigative Court No. 4 of the National Court and is coordinated by the Anti-Corruption Prosecutor’s Office, while the police proceedings are carried out by the Department of Economic Crime and Anti-Corruption of the Central Operational Unit (UCO) of the Civil Guard.
Furthermore, the research included the collaboration of EUROPOL and various international police forcesincluding the United States Homeland Security, the Singapore Police Force, the Royal Malaysia Police and the Royal Thai Police.
This case reinforces the commitment of the Spanish and European authorities in the fight against fraud linked to cryptocurrencies. It is worth mentioning that, just a few weeks ago, another criminal network was dismantled that would have laundered more than 102 million euros from investment scams in crypto assets.
As reported by CriptoNoticias, the operation – coordinated by EUROJUST and with the support of EUROPOL – included the participation of police forces from Portugal, Italy, Romania and Bulgaria, and culminated in several arrests, the seizure of more than 80 bank accounts and the seizure of digital assets, gold bars and jewelry.