Spain is witnessing one of the biggest financial scandals in recent years. Judge of the National Court (Audiencia Nacional), José Luis Calama, has charged businessman Álvaro Romillo, who previously admitted to giving €100,000 to Alvise Pérez for his European Parliament campaign. According to the investigation, Romillo was at the helm of a large-scale fraud scheme that resulted in more than three thousand people losing their savings.
According to the court, the case involves the embezzlement of €185 million through the Madeira Invest Club (MIC) platform. Alongside Romillo, nine other defendants have been charged. All of them have been ordered to pay a joint bond exceeding €247 million. The judge notes that Romillo acted out of self-interest, having established a clearly structured organization in which he held a leadership role and controlled all key processes.
The fraud scheme
The Madeira Invest Club platform presented itself as an exclusive investment club that promised high returns on investments in real estate, luxury cars, yachts, collectible alcohol, gold, cryptocurrencies, and digital art. Potential investors were guaranteed buyback of assets at pre-agreed dates with fixed profits. However, the investigation revealed that beneath this attractive façade was a classic pyramid scheme.
According to the judge, the organization systematically appropriated funds received from new participants under the guise of investments. The Madeirainvest.com website featured enticing offers, creating an illusion of reliability and transparency. Romillo personally oversaw the collection of money, manipulated information, and distributed the illicit proceeds among group members.
Marketing and Publicity
To attract new clients, Romillo actively used social media and video platforms. Through TikTok and YouTube, he released videos about financial products, cryptocurrencies, and tax schemes, addressing both Spanish and international regulations. As part of his marketing strategy, large-scale events featuring well-known personalities were organized. One such event took place at the Hipódromo de la Zarzuela in Madrid, with Alvise Pérez in attendance.
The investigation notes that the business operated as a pyramid scheme: all incoming funds were channeled into affiliated companies set up to conceal the real situation. The judge emphasizes that Romillo’s initial goal was solely to attract capital, not genuine investment.
Scale of the Scam
The case files detail a complex network of 52 companies, 106 bank accounts, real estate, and yachts spread across fifteen jurisdictions. Romillo, known online as Cryptospain, managed this sprawling operation using various schemes to hide the origins of the funds and their subsequent distribution.
The entrepreneur has been in custody since November of last year. He was detained by the Central Operative Unit of the Guardia Civil (Unidad Central Operativa, UCO) over concerns he might flee before testifying. The court has ordered that Romillo remain under arrest until the investigation is complete.
