CryptoSpain Businessman Arrested in Major Crypto Pyramid Scheme Case in Spain. A Spanish entrepreneur linked to the Madeira Invest Club platform has been detained on suspicion of operating a large-scale cryptocurrency pyramid scheme. Thousands of investors have suffered losses, and the court fears the suspect might flee or destroy evidence.
A new scandal over cryptocurrency investments has erupted in Spain. Judicial authorities have ordered the detention without bail of businessman Álvaro Romillo, better known online as CryptoSpain. He is suspected of creating and running a scheme resembling a classic Ponzi pyramid through the Madeira Invest Club (MIC) platform.
According to the investigation, the case involves a large-scale scam that affected around 2,700 people, with losses estimated in the millions of euros. During the probe, Romillo was found to have an account in Singapore holding approximately 29 million euros linked to CryptoSpain’s activities. This became one of the key reasons behind the court's decision to keep him in custody, as authorities fear that the suspect might try to flee or destroy important evidence.
Particularly notable was the revelation that Romillo had previously transferred 100,000 euros to prominent MEP Luis Pérez, better known as Alvise. This episode has added a political dimension to the case and sparked widespread public debate. The businessman insists that his earnings come solely from educational projects and social media activity, not from MIC operations. However, the court dismissed these arguments, citing the scale of the alleged fraud and the number of affected victims.
Romillo was taken into custody after a judge ordered his immediate arrest to prevent a possible escape. The ruling notes that the charges carry a sentence of more than two years in prison. The investigation is ongoing, and more details on the case—which has already become one of the most talked-about in Spain's financial and political circles—are expected soon.
