Spain’s Civil Guard Arrests Leader of 260M Euro Crypto-Linked Alleged Ponzi Scheme

Spanish authorities have arrested a man, identified as A.R., accused of orchestrating a 260 million-euro ($300 million) Ponzi scheme known as the Madeira Invest Club. This international investment scam, which began operating in early 2023, attracted over 3,000 victims by promising guaranteed returns on investments tied to various assets, including cryptocurrencies, gold, and luxury yachts. Investigators found that the scheme operated without any real economic activity, instead paying earlier investors with the funds from new participants. The investigation, dubbed Operation PONEI, involved Europol and law enforcement agencies across several countries, including the United States and the United Kingdom, revealing a web of shell companies and accounts linked to at least 10 countries. Authorities emphasized the fraudulent nature of the club, highlighting that it misled investors into believing they would earn profits from legitimate investments.

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