Spanish Crypto Influencer Arrested in $300 Million Fraud Scheme
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The arrest on November 6, 2025, marks the takedown of one of Europe’s largest cryptocurrency-related pyramid schemes, affecting over 3,000 victims across multiple countries. The Spanish Civil Guard conducted the arrest under Operation PONEI, with support from Europol and law enforcement agencies from the United States, Singapore, Malaysia, and Thailand. Romillo appeared in court on November 7 and was denied bail due to flight risk concerns. Judge José Luis Calama ordered him held in provisional prison pending trial. The Madeira Invest Club Scheme Romillo’s fraudulent operation centered around the Madeira Invest Club (MIC), which launched in early 2023. The club presented itself as an exclusive private investment group offering opportunities in luxury assets including real estate, high-end vehicles, yachts, rare whiskey, gold, and cryptocurrencies. Investors were promised annual returns between 20% and 53%. The scheme used digital artwork purchase agreements, claiming it would buy NFTs and other digital art that would later be resold at guaranteed profits. However, investigators found no real business activity behind the operation. According to Spanish authorities, the Madeira Invest Club functioned as a classic Ponzi scheme. Money from new investors paid returns to earlier participants, creating the illusion of profitability while the operation collapsed from within. The scheme collected €7 million in membership fees alone before its shutdown in September 2024. International Criminal Network The investigation revealed an extensive criminal network spanning at least 15 countries. Romillo allegedly controlled 52 shell companies and maintained 106 bank accounts across multiple jurisdictions including Portugal, the United Kingdom, Estonia, the Dominican Republic, Albania, Malaysia, Hong Kong, and Singapore. A key factor in denying Romillo bail was the discovery of €29 million in a Singapore bank account linked to the accused. This substantial offshore holding heightened concerns that he would flee to avoid prosecution. Investigators also uncovered Romillo’s involvement…
Filed under: News - @ November 9, 2025 10:51 pm