Arrested in Valencia one of the biggest crooks in Europe with cryptocurrencies – CVBJ

02/01/2022

The at 12:03 CET

PE

Civil Guard agents arrested in Valencia an important crooks with fake investments in cryptocurrencies at the European level. He is a 45-year-old man who is charged with seven offenses of fraud and money laundering. The total of blocked assets, between vehicles and bank accounts, amounts to more than two and a half million euros.

The operation, under the name ‘Bitdrop’It started last August, after officers learned of the events through collaboration with private security, the Armed Institute reported in a statement.

The detainee, a Portuguese national, had created a purported cryptocurrency investment platform on a website which has made itself known through various forums, radio broadcasts, sporting events and even charitable movements, in order to attract the attention and investment of people in Spain and Portugal.

The platform offered a minimum return of 2.5% per week to investors according to the amount they contributed, who came to acquire roles and thus be able to attract more people.

This method is known as’ponzi scheme‘, a type of scam that try to deceive the victims, who believe that the profits obtained come from a legal activity, while the funds come from other deceived investors.

In this way, the investment in cryptocurrencies has been “a complete success”, therefore victims invested larger sums of money and attracted more investors. The detainee used the investments made by the victims to lead a high standard of living, with the purchase of high-end vehicles, trips or even meals.

As a result of the officers’ investigations, they managed to identify several victims in Spain. In addition, they discovered that the detainee had succeeded in committing a crime in Luxembourg, Switzerland and Portugal.

Finally, on December 2, three seizures and searches were carried out, at the detainee’s home, at the company headquarters and in a workshop where part of the property was hidden. In addition, the Civil Guard proceeded to block several bank accounts and web pages allowing access to the platform and the pages where it was advertised.

They also seized various documents, as well as electronic devices such as computers, tablets, cell phones and USB cryptocurrency wallets. Also, agents blocked 13 vehicles and intervened seven more, all high-end.

The total of blocked assets, between vehicles and bank accounts, amounts to more than two and a half million euros. The proceedings were pronounced before the Court of Instruction number 3 of Valence.

The operation was carried out by agents of the technological investigations team (EDITE) and of the economic crimes team of the UOPJ of the command of the Civil Guard of Valencia, which had the collaboration of Europol.

Mary I. Bruner