Estepona Raid Reveals Huge Crypto Scam Network

Spanish-led operation reaps worldwide rewards

Image of police vehicle. Credit: PoliciaNacional/X

A sophisticated network of counterfeit cryptocurrency investment platforms has been dismantled in a coordinated effort by law enforcement agencies.

In October, police agents from the National Police and the Geneva Canton Police conducted a raid on the Estepona residence of the network’s ringleader.

This operation resulted in the seizure of 21 vehicles and a yacht, a testament to the lavish lifestyle funded by the scam.

International Collaboration Leads To Breakthrough

This international investigation was sparked by a request from the Swiss police in August. They sought assistance in tracking down the properties of the individual responsible for creating several fake online cryptocurrency investment platforms.

These platforms ensnared over 150 victims primarily in Switzerland, but also in other countries, amassing millions of euros in illegal profits.

Lavish Lifestyle In Estepona Exposed

The scam’s mastermind who was living in Estepona with his partner, was arrested while on a trip to Switzerland.

Spanish authorities, responding to the collaboration request, identified and seized numerous properties in Spain believed to have been purchased with the proceeds of the crime.

The raid in Estepona was a significant move, leading to the confiscation of 21 luxury vehicles and a yacht.

Deceptive Tactics And Victim Exploitation

Investigators uncovered that these fraudulent platforms employed aggressive online marketing techniques. They even misused the images of celebrities, falsely claiming these individuals had earned significant profits through the platform.

Initially, the platforms lured victims with the promise of quick, high returns. Then, a so-called broker would gain the victim’s trust, encouraging them to invest as much as possible. Fake web pages were created to show falsified financial progress.

However, when victims attempted to withdraw their investments, they either lost contact with the broker or were fed excuses to extort more money.

In the scam’s final phase, the victims were approached by a fake law firm, falsely promising to recover their investments plus interest, only to defraud them even further.

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Written by

John Ensor

Originally from Doncaster, Yorkshire, John now lives in Galicia, Northern Spain with his wife Nina. He is passionate about news, music, cycling and animals.

Comments


    • Magali

      05 December 2023 • 10:37

      A sophisticated network. That’s exactly that. Or in other words a criminal organization.
      Such a mafia robbed us in the same way. Scammers promised us high returns just to steal our savings. Therefore still keep in mind that any type of a business proposition that really seems too good to be true, it’s probably because it really is exactly that: too good to be true, as it turned out in our case as well.

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