The Civil Guard in the city of Valencia, eastern Spain, has arrested one of the biggest European crypto investment scammers in the continent.
The 45-year-old criminal, with Portuguese citizenship, has an estimated fortune of more than two and a half million euros, which has been frozen.
The detainee faces seven criminal charges of fraud and money laundering, for creating a shell online platform for people to invest in cryptocurrency, which was advertised through various forums, radio programs, sporting, and charitable events.
According to the Civil Guard, the scammer’s goal was to attract attention and investments in both Spain and Portugal through various advertisements, which triggered the investigation that led to this arrest.
The platform was offering a minimum return on investment of 2.5% per week. According to Spanish reports, this method of fraud, called a Ponzi Scheme, is based on misleading investors into believing that the profits come from a legal activity, even though the money comes from other deceived investors.
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