Police dismantles investment fraud ring stealing €10 million
A massive investment fraud scheme that totaled damages reaching $11.8 million (€10 million) has been busted by the Spanish authorities.
21 people were taken into custody during concurrent operations in Barcelona, Madrid, Mallorca, and Alicante that were organized by the National Police, Civil Guard, and Mossos d'Esquadra. Seven expensive cars and about $1.5 million €1.3 million in cash and cryptocurrency were seized by the police officers in addition to the arrests.
Authorities have received over three hundred complaints from victims nationwide since the scammers reportedly began their operation in 2022. The police claim that they used a network of phony experts and consultants, altered websites, and phone contact centers to trick their victims into making fraudulent investments.
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