Spanish law enforcement recently busted a criminal gang behind a fake cryptocurrency pyramid scheme that fleeced more than $32 million from over 3,600 victims. According to a report, the National Police took into custody eight individuals, including the Malaga-based computer programmer believed to be the mastermind.
The arrests follow a three-year investigation into the scheme by the anti-fraud unit of the National Police’s Central Unit for Economic and Financial Crime. The probe found that the mastermind, working with the seven other detainees, created a fake bitcoin investment platform, which they promoted via social media.
The gang allegedly tricked unsuspecting victims into handing over control of their devices, giving up their personal details and banking data. It also converted thousands of euros on behalf of the investors. However, the gang’s luck ran out after one of the victims lodged a complaint with the police, sparking the investigation.
Following the probe, investigators found that victims were lured by the promise of a 40% return on investment in one month and 300% in one year. Besides investing in bitcoin, victims were also convinced to invest in a worthless virtual currency. An unidentified investigator commenting on the criminal gang’s modus operandi said initially investors received some return.
The scheme began collapsing when payments to investors stopped. However, by that time, the gang had converted victims’ funds, with some used to purchase 12 motor vehicles and five motorcycles seized by the police.
At the close of the investigation, the National Police found that the gang had targeted 2,718 Spanish citizens, while the rest were nationals of 36 different countries.
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