Share this article

Europol, Spanish Police Bust Alleged Scam Posing as Crypto Investment Training Firm

Europol worked with Spain’s Civil Guard and Catalan police to arrest six suspects aged in connection with the scheme.

Updated Sep 14, 2021, 11:02 a.m. Published Jan 28, 2021, 2:17 p.m.

Europol building in the Hague, Netherlands.

Crime-fighting agency Europol and Spanish law enforcement say they have busted an allegedly fraudulent scheme posing as an Andorran firm that specialized in cryptocurrency and foreign exchange investment training.

STORY CONTINUES BELOW

Don't miss another story.Subscribe to the State of Crypto Newsletter today. See all newsletters

By signing up, you will receive emails about CoinDesk products and you agree to our terms of use and privacy policy.

Europol said Thursday it worked with Spain’s Civil Guard and Catalan police to arrest six suspects aged between 20 and 34 years in connection with the scheme.
Authorities searched two houses and seized an estimated €70,000 (US$84,716) in fiat currency and cryptocurrencies including bitcoin, ethereum, XRP and omisego, as well as eight vehicles and electronic devices.
“The nabbed suspects allegedly defrauded thousands of clients via an investment training company,” said the Europol report.
It is suspected that the scheme was working internationally.

Crime Europol CoinFlash

Tanzeel Akhtar

Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.