A new scandal has erupted in Spain involving entrepreneur Álvaro Romillo, who has found himself at the center of a high-profile investigation. He was detained by court order after investigators discovered a Singaporean account linked to him containing nearly 30 million euros. This development marks yet another twist in the case surrounding the alleged Madeira Invest Club financial pyramid, which, according to authorities, attracted hundreds of millions of euros from investors.
A judge from the National Court (Audiencia Nacional) ordered the detention, fearing that such substantial funds held abroad might enable the suspect to evade justice. Romillo, known in cryptocurrency circles by the alias CryptoSpain, was due to appear in court to testify, but he will now face questioning as a detainee.
The investigation into Madeira Invest Club has been ongoing for more than a year, spanning not only Spain but also other countries. Authorities believe the organization’s structure was complex, involving companies registered both in Spain and abroad, as well as numerous bank accounts and assets across various jurisdictions. Investigators note that the case is particularly challenging due to its scale and the intricate, multi-layered flow of funds.
Political ties and suspected illicit financing
In addition to fraud allegations, Romillo has come under the scrutiny of the Supreme Court over possible involvement in the illegal financing of political activities. An investigation revealed that he transferred €100,000 to well-known MEP Luis Pérez, better known as Alvise. According to investigators, these funds may have been used to support a campaign for the European Parliament elections, though the politician himself claims he was paid to give a lecture on financial topics.
Police, however, believe the transfer was directly related to the election campaign and may have been an attempt to conceal the source of the funds. Case documents indicate that this might have been an effort to introduce opaque financial flows in support of political projects.
Scale of the alleged scam and the victims’ response
According to investigators, more than €260 million passed through the Madeira Invest Club platform. Investors were promised returns from investments in luxury watches, cars, precious metals, alcohol, and startups. However, thousands of people who invested their money are now demanding refunds and compensation. Law firms representing the victims note that Romillo actively flaunted his expertise in tax optimization and cryptocurrencies, attracting new participants to the scheme.
The Madeira Invest Club case has become one of the most high-profile financial investigations in Spain in recent years. The investigation is ongoing, and in the coming days, the court will have to decide on further pre-trial measures for the detained entrepreneur, as well as determine whether other individuals or entities were involved in this large-scale scheme.
