Spanish Crypto Influencer Jailed in $300M Ponzi Scheme Case
Spanish authorities have detained Álvaro Romillo, founder of Madeira Invest Club, without bail amid allegations of orchestrating a $300 million fraud. The crypto influencer faces up to 18 years in prison after investigators uncovered a €29 million Singapore account linked to his operations.
Prosecutors allege MIC defrauded over 3,000 investors with promises of 20% annual returns through sham investments in digital art and luxury assets. Judge José Luis Calama deemed Romillo a flight risk following a two-hour testimony, ordering immediate custody.
The case highlights growing regulatory scrutiny of crypto investment schemes in Europe. Civil Guard investigators describe MIC's model as a classic Ponzi structure, with €260 million raised through fraudulent buyback guarantees on nonexistent assets.
