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Madrid, Spain.- The Central Operational Unit (UCO) of Spain’s Civil Guard arrested businessman Álvaro Romillo in Madrid this Thursday, November 6, following an order from National Court Judge José Luis Calama. The arrest occurred after Romillo admitted to transferring €100,000 to Member of the European Parliament Alvise Pérez.
Romillo is under investigation for his alleged involvement in a cryptocurrency pyramid scheme operated through the shell company Madeira Invest. The case, recently unsealed, includes potential charges of aggravated fraud, money laundering, and organized crime. Authorities fast-tracked the arrest after uncovering a bank account in Singapore holding €29 million linked to Romillo, which heightened concerns about his flight risk.
Prosecutors estimate the fraud has caused damages exceeding €11 million, though total losses could surpass €300 million, affecting some 30,000 investors. Romillo is expected to appear in court on Friday. Meanwhile, reports indicate that Cryptospain, the network tied to the scheme, has expanded operations to the Dominican Republic, where it manages the Globalia Aparthotel in Bávaro (El Cortecito). The property, with around 150 beachfront suites, is undergoing renovations after being acquired and rebranded by Romillo’s group earlier this year.
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