Spanish authorities have arrested a man accused of leading the Madeira Invest Club, an international investment scam that defrauded over 3,000 victims of 260 million euros. The scheme promised guaranteed returns on assets including cryptocurrencies but operated as a Ponzi without real economic activity. The investigation involved Europol and agencies from multiple countries.
On November 9, 2025, Spain’s Civil Guard arrested a suspect identified only as A.R., who operated online as “CryptoSpain.” He is accused of running the Madeira Invest Club, which began operations in early 2023 and marketed itself as a private investment group, according to Spain’s Ministry of Interior.
The scheme lured over 3,000 victims by offering guaranteed returns on contracts tied to various assets, such as digital art, luxury vehicles, whisky, real estate, and cryptocurrencies. It promised profits and buyback guarantees, but authorities state that no real economic activity or investments occurred. Instead, the operation functioned as a classic Ponzi scheme, paying returns to earlier participants using funds from new investors.
As the scam expanded, it developed a complex network of shell companies and bank accounts across at least 10 countries, including Portugal, the U.K., the U.S., Malaysia, and Hong Kong. The investigation, dubbed Operation PONEI, was coordinated with Europol and law enforcement from the U.S., Singapore, Malaysia, Thailand, and others.
This multinational effort highlights the challenges in combating cross-border financial fraud in the cryptocurrency space. The arrest marks a significant step in dismantling the network, though authorities continue to probe the full extent of the operation.