On Thursday, officers from Spain’s Central Operative Unit of the Guardia Civil arrested entrepreneur Álvaro Romillo Castillo, known in crypto circles as Cryptospain. He was detained a day before his scheduled questioning at the National Court due to fears he might flee the country. Investigators believe Romillo masterminded an extensive financial scheme that affected more than three thousand people.
Major scam and lavish assets
According to investigators, Romillo operated the investment platform Madeira Invest Club (MIC), which offered investments in gold, yachts, cars, and other luxury items, promising incredibly high returns. However, it turned out the platform had no license for such activities, and the promised profits were a sham. Over several years, more than 260 million euros passed through MIC’s accounts, with some funds transferred abroad—including Portugal, the UK, the USA, Belgium, Thailand, and Hong Kong.
To lure investors, the scheme flaunted not only promised returns but also displays of exclusive assets: a €14 million watch collection, gold coins, cryptocurrencies, yachts, and high-end cars like Ferrari, Porsche, Lamborghini, and Bentley. All this was designed to convince potential backers of the project’s reliability and prestige.
A complex network and attempts to cover tracks
The investigation uncovered an extensive network of companies and bank accounts linked to Romillo and his associates. Investigators note that the businessman deliberately concealed the true situation, using shell companies and transferring assets to the names of relatives and acquaintances. In recent months, as the investigation intensified, he actively moved property out of reach, including relocating cars from Madrid to Sevilla.
Particular attention was drawn to an incident involving a robbery at Romillo’s house in San Sebastián de los Reyes. According to him, unknown assailants stole a collection of watches and a significant amount of cryptocurrency. However, investigators questioned whether the crime actually took place—one theory is that the robbery was staged to conceal assets.
The charges and possible consequences
At the National Court, Romillo will face charges of forming a criminal organization, money laundering, and large-scale fraud. On the last charge alone, he could face up to 18 years in prison if the court rules the crime affected a wide group. Investigators also suspect he intentionally underreported movements in his personal accounts to hide the real scale of his operations and his lavish lifestyle.
The Romillo case has become one of the most high-profile financial scandals in Spain in recent years. Investigators continue to scrutinize his banking activity and ties to foreign jurisdictions to determine where the stolen millions ended up.
