By Laura Kemp • 08 June 2021 • 13:08
Arrest Made In Search And Capture For Bitcoin Scam In Torrox. Image - Pixabay
Alleged Bitcoin fraudster, Javier Biosca, who had an arrest warrant from the National Court has been arrested in Torrox. Biosca is said to have defrauded hundreds of people and is charged with money laundering and being a member of a criminal organisation. A statement will be taken today, Tuesday, June 8.
It was first thought that around 300 people had been victims of the fraud, however, the number has increased this week as explained by the lawyer who is handling one of the complaints, Juan Carlos Gómez León from Gran Vía Advocates, according to Malaga Hoy.
The lawyer said that Biosca presented himself as a broker of a sophisticated information system for investments in cryptocurrency that entailed “many purchases per second”. Biosca guaranteed returns of 20 per cent per week in investments, which was then later lowered to 10 per cent.
According to the lawyer, who is representing around 20 of the victims, the estimated loss is around 3 million euros, however, he claims that there are “hundreds of injured” and some people have invested up to 1 million euros. Gómez de León explained: “Profitability was so important that in a few months the amount invested multiplied exponentially.”
The representative of the victims explained that Biosca offered investors “to recover the amount or reinvest it”, highlighting that “it capitalised one hundred per cent of the accrued interest.”
“That capital was already owned by the investor. The investments that they had generated in a year had exponential interests,” he added.
The Association of People Affected by Investments in Bitcoins – represented by the firm of Emilia Zaballos – has estimated that those affected could be around the 300, and the money could be over 100 million euros.
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Originally from UK, Laura is based in Axarquia and is a writer for the Euro Weekly News covering news and features.
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