The European Union Agency for Law Enforcement Cooperation, or Europol, has reported the arrest of five individuals linked to a “criminal network engaged in cryptocurrency investment fraud”.
According to Cointelegraph, the Spanish Guardia Civil, with support from Europol and law enforcement agencies in the US, France and Estonia, detained five suspects allegedly involved in defrauding more than 5,000 investors, including 100 from Switzerland, out of €460 million (around US$542 million at the time).
Authorities carried out three arrests and searches in the Canary Islands and two in Madrid on Wednesday (June 26).
“To carry out their fraudulent activities, the leaders of the criminal network allegedly used a net of associates spread around the world to raise funds through cash withdrawals, bank transfers and crypto transfers,”
Europol said.
The case is among the largest cryptocurrency investment scams uncovered in Spain.
In January, local authorities reported freezing over US$26 million in digital assets linked to a money laundering operation.
“Investigators suspect the criminal organisation of having set up a corporate and banking network based in Hong Kong, allegedly using payment gateways and user accounts in the names of different people and in different exchanges to receive, store and transfer criminal funds,”
the agency added.
The arrests follow a series of related actions.
On June 18, the US Department of Justice announced the seizure of more than US$225 million “linked to cryptocurrency investment scams” connected to pig butchering fraud, a tactic where scammers build trust with victims before convincing them to transfer increasingly large sums of money.
Also in June, US authorities reported that five men had pleaded guilty to participating in a separate US$37 million cryptocurrency scam, with funds allegedly transferred to Cambodia.
Featured image credit: Edited by Fintech News America, based on image by MrDm via Freepik
The post Five Arrested in Spain Over $542M Crypto Investment Scam appeared first on Fintech Schweiz Digital Finance News - FintechNewsCH.
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