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

Spain’s Civil Guard has arrested a man identified as A.R., known online as “CryptoSpain,” for allegedly operating a 260 million-euro ($300 million) Ponzi scheme called the Madeira Invest Club. This scheme, which began in early 2023, promised guaranteed returns on investments tied to various assets, such as cryptocurrencies, gold, and luxury yachts, attracting over 3,000 victims. Authorities reported that despite the promises, no legitimate economic activities were conducted. Instead, the scheme operated by utilizing funds from new investors to pay returns to earlier participants. The investigation, named Operation PONEI, involved coordination between Europol and law enforcement from multiple countries, revealing a network of shell companies and bank accounts across at least ten nations including the U.S., the U.K., and Portugal.

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