Overview
- The Spanish Civil Guard arrested Álvaro Romillo, known as “CryptoSpain,” on November 6 under Operation PONEI after a months-long international investigation.
- On November 7 Judge José Luis Calama denied bail and ordered provisional detention, citing flight risk tied to €29 million traced to a Singapore bank account.
- Authorities say the Madeira Invest Club lured more than 3,000 investors with promises of 20% to 53% annual returns on luxury assets and cryptocurrencies despite no real investments.
- Investigators report a web of shell companies and over 100 bank accounts spanning at least 10 countries, with seizures of yachts, properties, vehicles, crypto wallets, and bank accounts.
- Prosecutors are examining a €100,000 cash payment to MEP Luis “Alvise” Pérez Fernández for potential illegal campaign financing linked to the accused.