Overview
- The suspect, identified as A.R. and known online as “CryptoSpain,” is accused of running a club that lured over 3,000 investors with guaranteed-return contracts tied to cryptocurrencies and luxury assets.
- Spanish authorities say no genuine investments occurred, describing the operation as a Ponzi scheme that used funds from new participants to pay earlier ones.
- Investigators traced money through shell companies and bank accounts spanning at least ten countries, including the United Kingdom, Portugal, the United States, Malaysia, and Hong Kong.
- The arrest was conducted by the Civil Guard under Operation PONEI with support from Europol and law enforcement agencies in the United States, Singapore, Malaysia, and Thailand.
- A.R. appeared in court and was denied bail, and authorities report asset seizures as the cross-border investigation and recovery efforts continue.