Crypto Influencer CryptoSpain Arrested in Spain After €29 Million Singapore Account Exposes Massive $300 Million Fraud

Crypto Influencer Held Over €260 Million Ponzi Fraud Scandal

Álvaro Romillo, a Spanish crypto personality known online as “CryptoSpain”, has been detained without bail after investigators accused him of masterminding a massive Ponzi-style fraud through his investment venture, Madeira Invest Club (MIC).

Authorities say the scheme duped about 3,000 investors out of more than €260 million (around $300 million).

Romillo, who built a following by promoting luxury-backed crypto investments, was arrested after Spanish investigators uncovered a hidden €29 million ($33.5 million) account in Singapore, believed to be connected to his network of companies.

The National Court in Madrid ruled that he be held in custody, citing a high risk of flight.

Judge José Luis Calama ordered Romillo’s detention after a two-hour hearing, during which the influencer reportedly answered all questions.

Prosecutors argued that the discovery of the offshore funds, combined with his past international dealings, made him a potential flight risk.

How The Alleged Ponzi Scheme Operated

Spain’s Civil Guard believes MIC lured thousands of investors with promises of unusually high and “guaranteed” profits — as much as 20% per year — from tokenised artwork, luxury cars, yachts, and gold.

Each participant was required to invest a minimum of around €2,000.

Authorities allege that instead of investing in real assets, MIC used funds from new investors to pay older ones, a hallmark of Ponzi operations.

Officials familiar with the investigation said,

“The profits came from incoming deposits, not from actual business activity.”

Spanish law enforcement began probing MIC in late 2024 after receiving multiple complaints from victims who said their withdrawals were blocked.

Over the following months, investigators seized dozens of high-end vehicles, including Ferraris, and other luxury assets linked to the scheme.

Romillo Claims He Intended To Repay Investors

During his court appearance, Romillo denied trying to flee Spain and claimed he had been cooperating with investigators for months.

He also told the court that he had already reimbursed about 2,700 investors, though “mostly in cash” and without detailed records.

According to court sources, Romillo said,

“I have always intended to return the money.”

Prosecutors, however, questioned the lack of documentation and expressed doubts over the authenticity of his repayments.

The discovery of the Singapore account changed the course of the case.

Authorities traced the funds to multiple shell companies allegedly tied to MIC’s network in Portugal and Dubai, suggesting possible cross-border money laundering activity.

Political Connection Adds To The Controversy

Adding another twist, Romillo has admitted to donating €100,000 in cash to the 2024 campaign of far-right Member of the European Parliament Luis “Alvise” Pérez, leader of the SALF party.

Alvise Pérez is a Spanish social media personality and the leader of the political group Se Acabó La Fiesta, which secured seats in the 2024 European Parliament election.

Pérez is currently under investigation in a separate case involving campaign finance irregularities.

Prosecutors have not linked the MIC funds directly to Pérez’s campaign, but investigators are examining whether any of the offshore transfers coincided with that election period.

The National Court has not yet commented on whether political money trails form part of the main fraud probe.

Spain’s Crypto Oversight Faces Its Biggest Test Yet

The Romillo case has become one of Spain’s largest crypto-linked frauds and a test for the country’s strengthened financial crime laws.

Legal analysts say it could set a precedent for how courts handle investment scams involving tokenised or digital assets.

Spain’s National Securities Market Commission (CNMV) has been tightening oversight since 2023, cracking down on influencers promoting unlicensed crypto investments.

Authorities now warn that aggressive social media marketing and unrealistic returns remain key red flags for potential investors.

As of 10 November 2025, Romillo remains in pre-trial detention while prosecutors prepare formal charges for large-scale fraud and money laundering — offences that could carry up to 18 years in prison if deemed a mass crime.

Victim groups are already coordinating civil lawsuits to recover lost funds, marking the beginning of what could be one of Spain’s most complex financial crime cases in recent years.