
Prosecutors allege Álvaro Romillo, known as CryptoSpain, defrauded 3,000 victims in the €300M Madeira Invest Club case, with funds traced to a €29M Singapore account.
Spanish crypto influencer Álvaro Romillo, known as CryptoSpain, has been taken into custody without bail over charges of running the €300 million Madeira Invest Club Ponzi scheme. Prosecutors claim the scheme defrauded about 3,000 victims through promises of investment returns in crypto, luxury goods, and real estate. Romillo was arrested after investigators discovered a €29 million account in a Singapore bank. The case expands on earlier reports, with authorities previously estimating losses at €260 million and detailing a network of shell companies across at least 10 countries used to obscure the fraud.