A man branded as one of Europe’s leading cryptocurrency scammers has been arrested in Valencia City and assets worth €2.5 million seized.
The Portuguese man, 45, has been charged with seven counts of fraud and money laundering.
Operation Bitdrop was started last August after the Guardia Civil acted on information collected by a private security firm.
The man traded via an internet site where he offered quick returns to investors in cryptocurrency stock.
A minimum weekly profit of 2.5% per was promised, depending on the amount they put in.
The con was in fact a classic ponzi scheme with scammed investors making profits from money defrauded from other victims.
Unwitting clients were reeled in from mainly Spain and Portugal in addition to Luxembourg and Switzerland.
The chain of deception created by the fraudster allowed him to live a luxury lifestyle which included the purchase of seven high-end cars, which were impounded by the Guardia Civil.
Simultaneous raids were carried out at the man’s home and his company headquarters.
His website and bank accounts were also blocked by authorities.
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