Spanish police have taken down a massive investment scam that tricked hundreds of people and caused losses of over $11.8 million (€10 million).
In a major operation, police teams carried out raids in Barcelona, Madrid, Mallorca, and Alicante, arresting 21 people involved in the scheme. They also seized seven luxury cars and about $1.5 million (€1.3 million) in cash and cryptocurrency.
The scam started in 2022 and involved more than 300 victims from across Spain. According to police, the fraudsters ran fake investment companies that looked professional and advertised on social media. They pretended to offer investment opportunities in big companies and cryptocurrencies to lure victims.
These fake firms used websites, fake advisors, and call centers to look real. Victims were shown fake dashboards with false profits and were even allowed to withdraw small amounts in the beginning. But once they invested more money, the scammers locked the accounts and demanded extra “taxes” or “fees” to release the funds, which never happened.
The operation was run from rented call centers in Barcelona, designed to look like real investment offices. Police said they had a “panic button” system to shut everything down in case of a raid. This kind of setup is unusual in Spain and more common in countries with weaker law enforcement, like in parts of Asia or Eastern Europe.
The bust follows another major crypto scam takedown last week in Spain, where police dismantled a $540 million (€460 million) fraud network that targeted 5,000 people worldwide. In April, six people were also arrested for using AI-generated ads to run fake investment scams, stealing nearly $21 million (€19 million) from over 200 victims.
