Police arrest gang suspected of €50 million Spanish Bitcoin scam

NATIONAL police arrested around 20 members of a gang believed to be behind an investment scam featuring Spain’s answer to the Bitcoin.
The Spanish version of the cyber currency, like the Bitcoin, was called the unete and launched in cyberspace in 2013 but defrauded around 50,000 small investors of about €50 million, with 6,000 victims in Spain.
Arrests were made across the country in Madrid, Valencia, Malaga, Sevilla, Langreo (Asturias), Alicante and Arrecife (Las Palmas) and included the Valencian couple, Jose Manuel Ramirez Marco, 41, and his partner, Pilar Otero, who police believe are the originators of the investment scheme.
The scheme, under the company name of Unetenet, promised investors that they could triple their earnings in exchange for advertising on the internet. Earnings were paid out in the unete cyber currency but the company stopped paying investors in April 2014. The scam took place across dozens of countries under the guise of a pyramid scheme.

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