Crypto Operation Using Fake Investment Platforms Dismantled in Spain

A sophisticated transnational scheme was uncovered involving a criminal ring operating from Madrid and Latvia. The fraud campaign was structured and disguised as a legitimate investment platform, luring victims with online advertisements and fake websites that promised large profits by investing in cryptocurrencies.

Once contact was made, the fraudsters manipulated fake trading platforms designed to simulate profits and encouraged victims to invest ever larger sums. These platforms were entirely controlled by the criminals, with profits shown being fabricated. Ultimately, victims were unable to recover their funds, which had already been funneled into a complex laundering system controlled by the group.

The law enforcement operation on June 11 led to:

• Eight arrests (five in Spain and three in Latvia)
• 16 house searches (10 in Spain and six in Latvia)
• Seizure of computer equipment and communication devices
• Freezing of various bank accounts
• Confiscation of property assets and luxury vehicles.

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