Stacy Pereira
- Europol revealed that over 5,000 victims worldwide were defrauded, laundering ~€460 million through fake crypto investment schemes.
- Spanish authorities, supported by Europol conducted coordinated raids in Madrid and the Canary Islands, arresting 5.
- The scammers used a global network of shell companies, crypto wallets, and payment gateways.
The Spanish Guardia Civil, with the support of Europol and law enforcement from Estonia, France, and U.S., arrested five members of a criminal network engaged in cryptocurrency investment fraud. The crypto investment fraud ring was based in Spain and is said to have defrauded 5,000 victims worldwide and laundered approximately €460 million ($540 million) through a complex global network.
On 25 June 2025, Spain’s Guardia Civil conducted coordinated raids in the Canary Islands and Madrid across multiple properties with assistance from Europol, which had joined the investigation in 2023. On the action day, a crypto specialist was deployed to Spain to assist national investigators, contributing to the successful completion of the operation, a press release by Europol confirmed.
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Investigators revealed the fraudsters had built a sophisticated web of operations, including a corporate and banking structure in Hong Kong, employing payment gateways and false identity accounts across several crypto exchanges to obscure fund movements. Victims were lured with fake investment opportunities, pressured to transfer money via bank wires, cash, and cryptocurrency, only to lose their funds.
The agency has cautioned about the surge in online fraud, observing that it is often aided by AI-fueled social engineering and stolen data. It states that the growing number of cases shows that it is poised to surpass other serious organized crimes. The agency described the scale, variety, and sophistication of such schemes as “unprecedented”
Europol recently cracked down on Europe’s oldest dark web drug marketplace, earlier in June. It continues to support global investigations into financial cybercrime. The inquiry remains active, as authorities trace hidden assets and pursue further leads
