The Guardia Civil has successfully dismantled an international criminal organization suspected of committing extensive cryptocurrency fraud. The operation has led to the arrest of five individuals, with investigations revealing that approximately thirty-nine million euros have been defrauded from around five hundred victims in Spain alone. The total global losses are estimated to be around four hundred sixty million euros.

As part of this operation, named ‘Borrelli,’ raids were executed in Madrid and the Canary Islands. Investigators found evidence of a sophisticated network that employed sales agents worldwide to solicit funds through cash, bank transfers, and crypto-transfers. They also set up a complex corporate and banking structure to facilitate these illegal activities.

The investigation is being conducted by the Economic and Anti-Corruption Investigation Department’s Central Operational Unit, with operational support from various authorities located in Las Palmas and Madrid. Additionally, it has garnered international collaboration from Europol and police bodies from the United States, Estonia, France, Argentina, Brazil, Colombia, and Hong Kong.

Currently, the investigation remains open, with further arrests not ruled out as authorities continue their inquiries into this significant fraud case involving cryptocurrency.