Spain Busts €10M+ Crypto Fraud Ring: 21 Arrested in Major International Investment Scam
Spanish authorities have dismantled a large-scale investment fraud scheme that inflicted losses exceeding $11.8 million (more than €10 million). The coordinated operation was carried out simultaneously in Barcelona, Madrid, Mallorca, and Alicante, resulting in the arrest of 21 individuals.
The effort was a joint undertaking by several law enforcement branches, including the Catalonian regional police Mossos d’Esquadra, the Civil Guard, and the Spanish National Police. During the raids, officers seized seven luxury vehicles and more than $1.5 million (approximately €1.3 million) in cash and cryptocurrency.
According to police reports, the fraudulent operation began in 2022. Since then, law enforcement agencies have received over 300 complaints from victims across the country. The scheme involved convincing individuals to invest in supposedly prestigious companies or cryptocurrency projects. To support the ruse, the perpetrators built an elaborate network of fake advisors, counterfeit websites, and professionally managed telephone call centers.
Police officials explained that the criminals established a fictitious investment firm that was heavily promoted on social media. The scheme bore similarities to so-called “romance scams” or the “pig butchering” method—where trust is cultivated through online advertising, the misuse of reputable brand names, and fabricated testimonials.
Once a victim expressed interest, they were redirected to fraudulent investment platforms—often tied to cryptocurrency, forex trading, tech stocks, or gold. These sites would display seemingly growing profits and even allowed small initial withdrawals to build trust.
However, once victims invested larger sums, access to their funds was abruptly blocked. Those who attempted to recover their money were presented with demands for “withdrawal taxes” or “processing fees”—a tactic designed to extract even more funds, though in reality, no reimbursements were ever made.
What distinguished this scheme was the use of actual office spaces and call centers, indistinguishable from legitimate investment firms. Operators were trained using scripted scenarios that relied heavily on psychological manipulation and coercion. These centers were primarily located in Barcelona and were typically rented for only three to four months to hinder tracking efforts. The premises were also equipped with “panic buttons” capable of instantly shutting down equipment and erasing data in the event of a police raid.
Spanish authorities noted that such fraudulent centers are typically based in Asia or Eastern Europe, where bringing perpetrators to justice is more challenging. The presence of such an operation within Spain itself came as a surprise to investigators.
This case is not an isolated incident in Spain’s ongoing battle against financial crime. Just a week earlier, a separate and even larger cryptocurrency-related scheme was uncovered, involving the laundering of more than $540 million (€460 million) stolen from over 5,000 victims worldwide.
In April 2025, Spanish police also arrested six individuals who had employed artificial intelligence to generate fake investment advertisements. That operation defrauded more than 200 people, resulting in losses of nearly €19 million (around $20.9 million).
