Crypto investment fraud ring dismantled in Spain after defrauding 5 000 victims worldwide
On 25 June 2025, the Spanish Guardia Civil, with the support of Europol and law enforcement from Estonia, France and the United States of America, arrested five members of a criminal network engaged in cryptocurrency investment fraud. The investigation identified that the perpetrators had laundered EUR 460 million in illicit profits stolen through crypto investment fraud from over 5 000 victims from around the world.
The action day led to:
• 5 arrests (3 on the Canary Islands and 2 in Madrid)
• 5 searches (3 on the Canary Islands and 2 in Madrid)
Europol started supporting the investigation in 2023. Since then, Europol’s financial crime experts have assisted Spanish authorities by coordinating the investigation, providing operational support, and delivering strategic analysis. On the action day, a crypto specialist was deployed to Spain to assist national investigators, contributing to the successful completion of the operation.
A network of criminal sales representatives around the world
To carry out their fraudulent activities, the leaders of the criminal network allegedly used a net of associates spread around the world to raise funds through cash withdrawals, bank transfers and crypto-transfers.
Investigators suspect the criminal organisation of having set up a corporate and banking network based in Hong Kong, allegedly using payment gateways and user accounts in the names of different people and in different exchanges to receive, store and transfer criminal funds. The investigation is ongoing.
