Spanish KOL CryptoSpain detained for alleged $300 million fraud and money laundering
ChainCatcher reported that Spanish crypto KOL Álvaro Romillo (also known as CryptoSpain) has been ordered by the court to be detained without bail. He is accused of orchestrating a Ponzi scheme involving up to $300 million through his organization Madeira Invest Club (MIC). Prosecutors believe that MIC defrauded around 3,000 victims.
Romillo was arrested in Spain on Thursday after Spanish officials discovered a Singapore bank account that had received 29 million euros, raising concerns that he might attempt to flee. MIC had promised investors high fixed returns to attract them to invest in digital "artwork" contracts and luxury goods shares.
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