Overview
- Judge José Luis Calama ordered provisional detention without bail for Álvaro Romillo a day after the UCO arrested him in Madrid on suspicion of leading a large-scale investment fraud.
- Court filings cite a Singapore account linked to Lemus Trading (HK) Limited that received more than €29 million from Portuguese firms Maidentok LDA and Sabrosso LDA tied to Álvaro and Domingo Romillo, with international cooperation moving to freeze the funds.
- Romillo is under investigation for aggravated fraud, criminal organization and money laundering tied to Madeira Invest Club, which promised fixed returns on NFTs, gold, yachts and luxury cars and was flagged by Spain’s market regulator as an illicit investment scheme.
- The Guardia Civil attributes losses around €260 million affecting more than 3,000 victims, while Romillo acknowledged about 2,700 affected in court, and complaints already exceed €11 million.
- Prosecutors argued risk of flight and evidence tampering; Romillo claimed he repaid investors in cash and has no money, and he previously admitted giving €100,000 in cash to MEP Luis ‘Alvise’ Pérez in a separately handled matter.