They disarticulate band for scam in cryptocurrencies in Spain with victims in 30 countries

A criminal organization with international operations, dedicated to fraud linked to cryptocurrencies and forex markets, was dismantled by the Civil Guard in Spain, as reported today. The network used a company based in Hong Kong as a screen to make investments illegally and bleached the profits obtained.

The investigation, called Operation Borrelli, resulted in the arrest of several members of the organization and in simultaneous records in different parts of Spain, including Getafe (Madrid), Las Palmas de Gran Canaria and Santa Lucía de Tirajana (Las Palmas).

To appear legality and facilitate the movement of funds, The organization created an international network of companies and bank accountsin addition to using payment platforms and accounts in exchanges registered in the name of third parties. The funds were collected through cash payments, traditional bank transfers and cryptocurrency operations.

Under the supervision of the Central Court of Instruction No. 6 and in coordination with the Prosecutor’s Office, the investigation was led by the Central Operational Unit of the Civil Guard, through its Department of Economic and Anti -Corruption Research. Specialized units of the Madrid and Las Palmas commanders also participated in the operation, together with the Cinological Service and the Recommant Service, among other agencies.

The operation had the collaboration of police forces from numerous countriesincluding Homeland Security Research in the United States, Police and Border Guard Board in Estonia and the Nationale Gendarmerie of Nueva Caledonia (France), in addition to the support of Europol.

Also, authorities from countries such as Argentina, Brazil, Colombia, United Arab Emirates, Hong Kong, Italy, Luxembourg, Mexico, Peru, United Kingdom, Singapore and Sweden participated. The investigation still remains open.

In Spain, security forces have dismantled several criminal organizations dedicated to scams with cryptocurrencies that affected thousands of people. As Cryptonotics reported, in an operation, eight individuals linked to a pyramid scheme operating in Madrid, Malaga and Murcia were arrested, and that would have scammed more than 3,600 victims with a fraud that could exceed 30 million euros.

Another investigation, carried out in Granada and Alicante, allowed the capture of six members of a band that would have scammed more than 200 people for more than 19 million euros. Those involved used campaigns on social networks and websites, and even used artificial intelligence to create false videos with public figures recommending alleged investments.