A major scandal has erupted in Spain surrounding a businessman whose name has recently become prominent in cryptocurrency news. Álvaro Romillo Castillo, known online as Cryptospain or Luis Crypto, is at the center of an investigation linked to fraud exceeding 260 million euros. A judge at the National Court (Audiencia Nacional) has ordered him to be held in custody without bail, fearing that the accused may attempt to flee abroad.
The arrest took place after officers from the Civil Guard’s Central Operative Unit (UCO), with support from tax authorities, traced suspicious transfers to foreign accounts totaling 29 million euros. Investigators discovered that Romillo was actively moving funds out of the country through a complex network of companies and bank accounts scattered across the globe — from Portugal and the United Kingdom to Singapore and the Dominican Republic.
At the heart of the investigation is the activity of the investment club Madeira Invest Club (MIC), which Spanish regulators believe was a classic financial pyramid scheme. The organization attracted investments by promising high returns — at least 20% annually — allegedly through stakes in digital art, gold, yachts, cars, and other luxury items. However, investigators believe that most of these funds ended up in the accounts of Romillo himself and his close associates.
During questioning, the businessman tried to convince the court that he intended to return the funds to all investors and had already paid off part of the debts in cash, but was unable to provide supporting documents. His explanations regarding his lavish lifestyle—for example, renting a villa in Madrid for 20,000 euros a month—raised serious doubts with both the court and the prosecution.
International trail and attempts to conceal assets
The investigation found that in recent months, Romillo had been actively transferring his companies to trusted associates to make the seizure of assets more difficult. The judge also referred materials on possible asset concealment to other court authorities in Madrid. Among the countries where traces of financial transactions were found are not only European states but also exotic jurisdictions, which complicates the investigation.
The defendant admitted that he does not have specialized education in finance and conducted business abroad to evade taxes in Spain. Investigators believe he used his social media popularity to attract new investors and then gradually siphoned funds out of circulation, leaving thousands of people without their invested money.
Funding political projects and new questions
Particular attention was drawn to the fact that Romillo admitted to financing the election campaign of Luis Pérez, the leader of the Se Acabó La Fiesta (SALF) movement, known as Alvise. This development gave the case a political dimension and sparked a wave of debate in Spanish society. The investigation is ongoing, and Romillo remains in custody awaiting further judicial decisions.
