International crypto scam scheme worth €460 million uncovered in Spain
Five members of an international criminal network have been arrested in Spain. They defrauded hundreds of people worldwide through fake investments in FOREX and cryptocurrency.
Photo: interior.gob.es
The Spanish Civil Guard carried out a large-scale operation called BORRELLI, dismantling an international criminal network that used a shell company based in Hong Kong to deceive investors around the world.
The fraudsters offered participation in FOREX trading and cryptocurrency investments, but in reality, they simply pocketed the money.
According to the Ministry of the Interior, the scammers swindled around €39 million from over 500 people in Spain alone. Globally, the total damage may reach €460 million.
Officers arrested five suspects and conducted searches in Madrid and the Canary Islands. Large amounts of cryptocurrency were seized during the raids.
The organizers used "sales agents" around the world and collected money via bank transfers, cash, and crypto wallets.
To cover their tracks, they laundered the funds through shell companies and exchange accounts.
The operation was carried out with support from Europol and police forces from the USA, Estonia, France, Argentina, Brazil, Colombia, UAE, the UK, and other countries. The investigation is ongoing — more arrests are possible.
Earlier, it was reported that Spain uncovered the largest theft of confiscated cryptocurrency worth €17 million. A public official, temporarily performing duties, secretly accessed digital wallets and waited for the keys to be transferred to Madrid in order to carry out the theft.