According to the police, the cybercriminal of Portuguese origin captured by the Spanish Civil Guard in Valencia was wanted throughout Europe for his involvement in many schemes involving cryptocurrency investments.
The police stopped bank accounts worth more than 2.5 million euros for the 45-year-old guy, whose identity was not revealed. The funds are believed to have been collected through several scams in many European nations.
He is specifically accused of seven counts of fraud and money laundering. The inmate promoted the fraudulent investments through a website, which was then advertised in numerous forums, the media, sporting events, and charitable initiatives.
The majority of the illegal operations took place in Spain and Portugal, where dozens of people were duped. The investigations that led to the criminal’s arrest began in August 2021.
The officers were notified that the criminal was operating in Spain via a web platform, where he used the conventional Ponzi scheme of fraud. To entice naive investors, it promised weekly rewards of up to 2.5 percent, depending on the amount invested.
The victims’ confidence grew as the earnings increased, as the investments and their performance improved with each passing year. The scammer used the stolen money to live the billionaire lifestyle, including travels, dinners, and the purchase of fancy cars.
Following the investigations, the Civil Guard in Spain was able to identify multiple victims of the scammer. However, it was determined that the thief had previously used the same strategy to defraud victims in Portugal, Switzerland, and Luxembourg.
The police were able to seize hidden assets that the inmate had bought with the scammed money during raids on December 2 at the offender’s house, the company’s headquarters, and a workshop.
Similarly, the authorities closed the web pages that hosted the supposed legal investment platform and barred the scammer’s bank accounts. Documents, computers, tablets, mobile phones, and USB devices for bitcoin wallets were also confiscated.
Among the seized assets are 13 high-end automobiles, with another 7 required. Between cash and vehicles, the barred fraudster’s entire assets equal 2.5 million euros.
The police forwarded the case file to Valencia’s Examining Court No. 3.