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The fraud allegedly affected five persons of Swedish origin. Policía Nacional
More than one million euros in cryptocurrency management fraud uncovered in Marbella
Crime

More than one million euros in cryptocurrency management fraud uncovered in Marbella

A man has been arrested on suspicion of fraud and document forgery

Europa press

Marbella

Friday, 31 January 2025, 17:57

Officers of the National Police in Marbella have uncovered a fraud of more than one million euros in the management of cryptocurrencies, which would have affected five people of Swedish origin. A man has been arrested on suspicion of fraud and document forgery.

This has been announced in a statement by the police, which details that the investigated man claimed to have a licence to operate in the cryptocurrency market. The alleged manager had full control of the "wallet" and was the only one who could operate with it. The term "wallet" refers to a key number that the account holder (with which the purchase of cryptocurrencies is made) accesses via a device called a "ledger".

The victims simply made transfers to a Spanish bank in order to manage the purchase of these coins through the supposed agent.

At the arrested person's home, documentation related to the illicit activity was seized, such as laptops, electronic tablets, three mobile phones, a hard disk, external memory, a card printer and card holders, a compressed air pistol, as well as clothes and accessories of luxury brands which were evidence of his high standard of living.

More than a dozen affected, all of them Swedish

The operation was initiated following a complaint filed by five Swedish nationals, in which they claimed to have been victims of a criminal scam following an investment in cryptocurrencies. According to the five, they had contacted a man, resident in Marbella, with whom they reached an agreement to invest in cryptocurrencies. Subsequently, when they wanted to recover the investment made, they realised that it was a fraud.

In total, they are said to have invested close to one million euros, an amount they have not been able to recover to date, and have travelled to Spain to file the corresponding complaint.

Based on the complaints and the investigations carried out, the agents were able to identify the alleged perpetrator of the fraud, a man residing in a well-known, luxury marina in the town, who showed a high standard of living.

The person under investigation allegedly gained the trust of his victims to manage their cryptocurrency investments, claiming to have a licence to operate in this type of market. This person would have obtained full control of the "wallets". In fact, all the victims paid the money into an account held by the fraudster, from which he was supposed to manage the investments.

Once he was located, he was arrested in Marbella. In the search carried out, the investigators seized documentation related to the fraud, such as diaries with notes of the commercial activity with cryptocurrencies, Exchange applications, guidelines and advice on how to establish contact with his victims, documentation with his fictitious identity, documents for which he was pretending to be a doctor, and the rest of the aforementioned effects, as well as clothing and accessories from luxury brands.

The most important thing was the discovery of a card printer valued at more than 5,000 euros, as well as dozens of magnetic card holders, white identity card holders and security holograms. With all this he was able to create false documentation of all kinds.

The operation remains open in order to locate the defrauded money and to gather more evidence of the detainee's illicit activity. By order of the judicial authority, a bank account has been blocked.

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surinenglish More than one million euros in cryptocurrency management fraud uncovered in Marbella