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Europol Caught Large Scale Spanish Digital Currency Investment Scam

Six individuals were arrested by the European law enforcement agencies following an investigation into an alleged crypto investment scam that was operating out of Spain.

Europol collaborated with the Spanish and Catalan police for the takedown. The suspects were held after a coordinated raid on an investment training firm from Andorra.

The company used providing investment training in forex and crypto as a cover-up for the scam.

The suspects have ages between 20 and 34, and the local Spanish police have detained them – they are currently awaiting charges. The police raided two houses, where they discovered €70,000. The funds were split between reserves in Bitcoin, Ethereum, and XRP. Some of them were held in fiat cash.

The authorities have also confiscated several electronic devices and eight vehicles, which allegedly belonged to the group.

The Europol commented that “the nabbed suspects allegedly defrauded thousands of clients via an investment training company.”

It is believed that the scheme was operating internationally and that it might have been active for quite some time. The investigation is still ongoing.

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