Spain stops crypto fraud that has deducted investors over $ 110 million (report)

Spain stops crypto fraud that has deducted investors over $ 110 million (report)

reported that the Spanish authorities have arrested a criminal organization that orchestrated a massive cryptocurrency fraud. The culprits were subject to more than 100 million euros ($ 110 million) of over 3,000 people around the world.

The Guardia Civil has arrested a suspect in Mallorca.

Operation "Mandoa" was successful

A local media company informed that the Guardia Civil (the oldest law enforcement authority in Spain) examined a crime unit that allegedly cheated around $ 110 million of thousands of thousands in non-existent cryptocurrencies.

The police started the so-called operation "Mandoa" after receiving a complaint from a person in the province of Alava who claimed to have been put into crypto fraud.

The examination that stretched to the Basque Country and the Balearic Islands showed that the recipient of these fake investments was a company based in Palma de Mallorca. In turn, the alleged company has made separate transfers to countries outside the European Union.

The Guardia Civil confirmed that members of the organization attracted victims through telephone calls, advertisements or SMS to their scheme and promised them high profit without risk.

After formalizing and receiving a contract with customers, the culprits granted them access to a website on which they were able to check the profits of their investments with fake diagrams. The criminals even pointed out fraudulent brokers to keep in touch with the victims so that they could encourage them to continue to invest in the system.

However, the gang did not comply with people to receive part of their profits. Instead, they instructed them to transfer more money with excuses such as the conclusion of annual balance sheets or tax payments.

The police have so far only a suspect in Mallorca due to alleged membership in the criminal association.

crypto fraud can cause serious damage

This fraud has recently affected numerous people who have been pulled out considerable sums out of their pockets. As cryptopotato reported Last week a Scottish woman named Jennifer remained with a guilt of $ 190,000 after she was the victim of a cryptocurrency program.

She decided to invest all of her savings in a suspicious project after seeing a fake ad with the British journalist and consultant Martin Lewis on Facebook.

"I can actually not believe what happened to me; it is absolutely horrific. It took me a long time to get where I am, and the thought of losing this home, obviously for my children, is horrific," said the woman.

Another example is a resident of Hong Kong, the lost your whole money ($ 900,000). She fell victim to a criminal who contacted her on Instagram and urged her to invest in digital currencies with the promise of great returns.

When she tried to withdraw her money, she was asked to pay a certain fee. The woman even tried to borrow money from her daughter before realizing that she had fallen victim to her.

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