Spanish Crypto-Guru Álvaro Romillo Arrested in $300 Million Ponzi Scheme, Luxury Cars Seized

Crypto-Guru's Downfall: $300 Million Scam Unravels, Spanish Influencer Arrested

The glittering world of cryptocurrency influencers has been rocked by a colossal scandal, as Spanish "crypto-guru" Álvaro Romillo, widely known as CryptoSpain, faces severe charges for orchestrating a staggering $300 million Ponzi scheme. Romillo, the founder of the Madeira Invest Club (MIC), was arrested without bail, leaving thousands of investors in financial ruin and authorities scrambling to recover the lost millions.

The Mechanics of Deception

MIC lured an estimated 3,000 investors with promises of guaranteed returns of up to a remarkable 20% annually. The scheme's facade was built on the premise of investing in digital art, luxury items like yachts, and even gold. However, the reality was far more sinister: a classic Ponzi scheme where early investors were paid with the money of later entrants. Spanish investigators initiated their probe into MIC in late 2024 following a trifecta of complaints, painting a grim picture of financial deception.

A Lavish Lifestyle and a Swift Fall

The scale of Romillo's alleged fraud became apparent when authorities discovered a Singaporean bank account holding €29 million (approximately $33.5 million), directly linked to his illicit activities. This discovery, coupled with the stark realization of the potential for Romillo to flee, led Judge José Luis Calavá to deny him bail. The ensuing investigation unearthed an astonishing collection of 27 luxury vehicles, including coveted models from Ferrari, Jaguar, Porsche, BMW, and Mercedes, all seized as part of the ongoing recovery efforts. While Romillo claims to have returned funds to 2,700 individuals in cash, these payments lacked any verifiable documentation and did little to offset the monumental losses incurred by the victims.

Beyond Crypto: Political Entanglements

The financial web spun by Romillo extended into the political arena, revealing a disturbing nexus between illicit funds and political campaigns. It emerged in court that Romillo had financed the electoral campaign of Spanish Member of the European Parliament Alvise Pérez, leader of the right-wing SALF party, by donating €100,000 in cash, bypassing mandatory legal registration. Pérez is now under separate investigation for this irregular campaign funding. Spanish law mandates strict reporting for election contributions exceeding €25,000, with donations over €50,000 being outright prohibited. This revelation triggered a secondary investigation into illegal payments, further complicating the unfolding scandal.

A Wave of Crypto Crime

Romillo's case is not an isolated incident in the volatile landscape of cryptocurrency fraud. The sheer magnitude of the losses, estimated at €260 million ($300 million), is immense, though it pales in comparison to the $7.3 billion confiscated just six weeks prior in the "Queen of Bitcoin" case. Such high-profile arrests and seizures underscore the growing sophistication and devastating impact of crypto-related scams, which now even ensnare prominent political figures and international celebrities. The ongoing investigations into Romillo and Pérez highlight the persistent challenges in regulating the digital asset space and ensuring accountability for those who exploit it for personal gain. The potential consequences for both men, if convicted, range from 9 to 18 years in prison, depending on whether the crime is deemed to have been committed on a mass scale.