A high-profile investigation into Madeira Invest Club (MIC) has become one of the most talked-about events in Spain in recent months. Judge José Luis Calama of the National Court has officially recognized 464 individuals as victims in a case concerning an alleged large-scale financial fraud linked to businessman Álvaro Romillo. According to Ale Espanol, the damages may exceed 250 million euros—making this one of the largest cases of its kind in the country’s recent history. For many Spaniards, this court decision signals that even major schemes involving cryptocurrencies and investments will not go unpunished.
The investigation revealed that Romillo, known in certain circles as CryptoSpain, not only ran MIC but also financed political projects. Specifically, during the recent European Parliament election campaign, he handed over 100,000 euros in cash to Alvise Pérez, who later became an MEP. This has drawn further attention to the case, as financial crossovers between business and politics always raise concerns in society.
Groups of victims
Judge Calama ruled that all 464 officially recognized victims should be grouped into four main categories for further legal proceedings. This decision aims to streamline and clarify the process. Previously, case materials listed over 3,000 investors, but not all had filed official claims. After updating the lists and verifying documentation, the number of court-recognized victims turned out to be significantly lower.
The first group, led by lawyer Víctor Soriano, includes 15 individuals with total losses exceeding 15 million euros. The second is the Cryptocurrency Users Association, which brings together 67 investors who lost 11.3 million euros. The third group consists of clients of Zaballos Abogados, totaling 328 people with reported losses of 32.8 million euros. The fourth group currently includes 19 individuals, with total damages estimated at almost one million euros.
Scale and details of the case
When determining the composition of the groups, the judge considered not only the number of victims but also the amount of reported damages. The affected parties include private individuals who invested millions, as well as representatives of major companies, including an executive from an Ibex-listed firm. All victims have seven working days to choose one of the four groups to represent their interests in court.
According to Ale Espanol, this case is already being called the second largest financial scam in Spain in recent years. Lawyers emphasize that their clients include not only small investors but also major players, highlighting the scale of the scheme. Notably, the court did not limit itself to formally recognizing the damage but thoroughly analyzed each claim to prevent duplication or fraudulent applications.
Context and consequences
Attention to the Madeira Invest Club case is fueled not only by the scale of the losses but also by the links between business and politics. The cash funding of an election campaign has become a separate topic of discussion. In Spain, such stories provoke significant public outcry, as trust in financial institutions and the transparency of political processes remain key issues for debate.
Scandals involving large sums and court battles are not uncommon in Spain. Recently, there was widespread discussion of another high-profile case when prosecutors challenged the recovery of nearly 80,000 euros in legal costs—a dispute that also influenced the approach to similar cases. For more details on how court rulings on financial matters can shape legal practice in Madrid, see the report about the dispute over legal costs.
In recent years, Spain has seen a rise in investigations into major financial fraud cases involving investments and cryptocurrencies. Following high-profile incidents like the Fórum Filatélico scam and the Popular bank scandal, the public has become more cautious about investment offers. New schemes often disguise themselves as legitimate projects, making early detection difficult. Authorities and courts have tightened oversight of investment companies, while victims have become more proactive in defending their rights through associations and class-action lawsuits. These trends indicate that the fight against financial crime in Spain is becoming increasingly systematic and effective.
