Spanish Crypto Influencer Arrested in $300M Ponzi Scheme Case

Spanish authorities have detained Álvaro Romillo, founder of Madeira Invest Club (MIC), in connection with an alleged $300 million cryptocurrency Ponzi scheme. National Court Judge José Luis Calama ordered Romillo's arrest without bail after discovering a secret Singapore account holding €29 million ($33.5 million) linked to the operation.

Prosecutors moved swiftly on Thursday, fearing Romillo might flee the country. The influencer faces 9-18 years imprisonment if convicted, with the higher sentence applying if the court rules the fraud constitutes a mass offense. Investigators believe MIC defrauded approximately 3,000 investors of €260 million ($300 million) through what appears to be a classic Ponzi structure.

Despite the allegations, Romillo has cooperated with authorities over the past year, attending court proceedings and assisting in asset recovery efforts. Law enforcement has already seized twenty-four luxury vehicles and other assets connected to the case.