The Spanish police have dismantled a large-scale funding fraud operation that induced cumulative damages exceeding $11.8 million (€10 million).
Throughout simultaneous raids in Barcelona, Madrid, Mallorca, and Alicante, coordinated by the Mossos d’Esquadra, Civil Guard, and the Nationwide Police, 21 people had been arrested.
Together with the arrests, the police brokers additionally confiscated seven luxurious automobiles and greater than $1.5 million €1.3 million in money and cryptocurrency.
The fraudsters seem to have began the operation in 2022 and, since then, authorities obtained greater than 300 complaints from victims throughout the nation.
“They persuaded their victims to make pretend investments by a community of faux advisors and specialists, manipulated web sites, and phone name facilities,” the police says.
“The group operated as a shell funding firm promoting its companies on social media. They provided investments in prestigious corporations or within the cryptocurrency sector to lure their victims.”
The modus operandi is much like “romance baiting” (“pig butchering”) scams, the place fraudsters entice people through social media adverts, abusing professional manufacturers and together with pretend testimonials.
Subsequent, the scammers directed victims to pretend cryptocurrency, foreign exchange, tech shares, or gold funding portals, which present pretend income on the dashboard and even permit small withdrawals firstly.
As soon as larger investments happen, withdrawals are locked, and the scammers impose “clearance taxes” or “processing charges” to victims that need to recuperate their cash, however solely to steal much more from them.
In organized operations just like the one dismantled by the Spanish police, scammers use name facilities that mimick skilled funding companies, with operators educated with scripts and psychological manipulation strategies.
The police say the Barcelona-based name facilities supporting the operation had been rented for 3 to 4 months to hinder investigations, and have a “panic button” that will mechanically shut down all methods in case of a police raid.
The presence of such name facilities in Spain is uncommon, as these are sometimes hosted in Asian or Japanese European international locations the place evading regulation enforcement is less complicated.
Final week, authorities in Spain dismantled an excellent bigger cryptocurrency funding fraud ring that laundered over $540 million (€460 million) stolen from 5,000 victims worldwide.
In April 2025, the Spanish police arrested six people who used AI to generate fraudulent funding adverts, tricking over 200 victims into giving them 19 million euros ($20.9 million).
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