Spanish Crypto Influencer Arrested in $300 Million Fraud Scheme

The arrest on November 6, 2025, marks the takedown of one of Europe’s largest cryptocurrency-related pyramid schemes, affecting over 3,000 victims across multiple countries.

The Spanish Civil Guard conducted the arrest under Operation PONEI, with support from Europol and law enforcement agencies from the United States, Singapore, Malaysia, and Thailand. Romillo appeared in court on November 7 and was denied bail due to flight risk concerns. Judge José Luis Calama ordered him held in provisional prison pending trial.

The Madeira Invest Club Scheme

Romillo’s fraudulent operation centered around the Madeira Invest Club (MIC), which launched in early 2023. The club presented itself as an exclusive private investment group offering opportunities in luxury assets including real estate, high-end vehicles, yachts, rare whiskey, gold, and cryptocurrencies.

Investors were promised annual returns between 20% and 53%. The scheme used digital artwork purchase agreements, claiming it would buy NFTs and other digital art that would later be resold at guaranteed profits. However, investigators found no real business activity behind the operation.

According to Spanish authorities, the Madeira Invest Club functioned as a classic Ponzi scheme. Money from new investors paid returns to earlier participants, creating the illusion of profitability while the operation collapsed from within. The scheme collected €7 million in membership fees alone before its shutdown in September 2024.

International Criminal Network

The investigation revealed an extensive criminal network spanning at least 15 countries. Romillo allegedly controlled 52 shell companies and maintained 106 bank accounts across multiple jurisdictions including Portugal, the United Kingdom, Estonia, the Dominican Republic, Albania, Malaysia, Hong Kong, and Singapore.

A key factor in denying Romillo bail was the discovery of €29 million in a Singapore bank account linked to the accused. This substantial offshore holding heightened concerns that he would flee to avoid prosecution.

Investigators also uncovered Romillo’s involvement with SentinelBQ, a Madrid-based company offering approximately 5,000 secure deposit boxes. This service allowed clients to store cash, gold, and cryptocurrencies without legal records, effectively facilitating tax evasion and money laundering.

Political Scandal Emerges

The case took a political turn when Romillo admitted to giving €100,000 in cash to Luis “Alvise” Pérez Fernández, a far-right Member of the European Parliament. The payment occurred on May 27, 2024, just days before the European elections, which Pérez has also acknowledged receiving.

Pérez leads the political movement “Se Acabó La Fiesta” (The Party’s Over), which surprisingly won three seats in the European Parliament elections in June 2024. Spanish prosecutors are now investigating whether Romillo helped create cryptocurrency wallets to receive anonymous political donations, potentially violating campaign finance laws.

The Supreme Court has opened multiple cases against Pérez, including charges of illegal campaign financing, fraud, and money laundering. This development has exposed potential links between cryptocurrency fraud and far-right political movements in Spain.

Lavish Lifestyle and Seized Assets

Before his arrest, Romillo flaunted an extravagant lifestyle funded by investor money. He owned the “Omnia,” a luxury yacht valued at €23 million with 59 meters in length, four decks, and accommodations for a 17-person crew. Authorities have seized this vessel along with other yachts named “The Coop,” “Joker,” and “Alter Ego.”

Law enforcement also confiscated multiple properties, luxury vehicles, cryptocurrency wallets, and bank accounts. These assets were purchased using funds that should have been invested on behalf of victims. During the pandemic, Romillo gained followers by posting videos about cryptocurrency and tax evasion strategies, always appearing with a mask that concealed his face.

Previous Warnings Ignored

The Spanish National Securities Market Commission (CNMV) issued a warning about Madeira Invest Club in May 2023, stating the company lacked authorization to operate as a collective investment institution. Despite this public alert, the scheme continued operating for over a year before finally shutting down.

Romillo also faced accusations of providing financial advice without proper credentials. The Association of Cryptocurrency Users filed a complaint claiming he offered tax and investment guidance through social media despite lacking required qualifications and CNMV registration. His TikTok account had attracted 212,000 followers before the scheme collapsed.

The Fallout Continues

Beyond Romillo himself, investigators are examining his close associates and family members who allegedly helped operate the network. This includes his father, Domingo Romillo Iriarte, who managed websites and bank accounts for Madeira Invest Club, and several other family members who controlled connected companies.

The case remains under active investigation as authorities work to recover stolen assets and identify additional accomplices. Victims have organized through legal representation to seek compensation, though recovering funds from complex international schemes often proves difficult.

Some affected investors now face demands from Spanish tax authorities for “tax regularization” related to their participation in the scheme, adding financial pressure beyond their initial losses.

When Promises Shine Too Bright

The CryptoSpain case serves as a stark reminder that extraordinarily high returns usually signal fraud rather than opportunity. While cryptocurrency markets offer legitimate investment possibilities, schemes promising guaranteed profits of 20-53% annually should raise immediate red flags. The combination of regulatory warnings, anonymous operations, and political connections created a web of deception that ultimately collapsed, leaving thousands of victims seeking justice and struggling to recover their investments.