A RECENT huge rise in the value of cryptocurrencies has seen a parallel rise in scammers.

Spanish police have moved in on a ring of alleged fraudsters who were operating world-wide from Andorra, trying to fleece unsuspecting victims in an investment scam.

Europol partnered with Spanish and Catalan police for the operation against an ‘investment training firm’ in the Pyrenean tax-haven.

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Cryptocurrency fraudsters targeted

The company apparently used a backstory of providing training in forex and cryptocurrency markets as cover for defrauding thousands of clients.

Six suspects aged between 20 and 34, were detained in raids on two houses. Some €70,000 in cash and cryptocurrencies including Bitcoin and Ethereum were seized, as well as eight vehicles and several electronic devices.

Europol actively supported the investigation and operation mobilising experts from both the European Financial and Economic Crime Centre (EFECC) and European Cyber Crime Centre (EC3).

During the operation, Europol experts were deployed in Andorra for on-the-spot operational support and forensic expertise.

Law authorities have previously warned people to take extra care in online investment transactions and to investigate the reputation of companies offering an entry into the world of digital currencies.

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