A Spanish woman in Palma has been arrested by the National Police for her part in stealing 68,000 euros from two people through fake cryptocurrency investments.
She facilitated contact between the two people and a criminal gang that posed as well-known companies and brokers. Once funds were received from these people, they could no longer withdraw them.
In December last year, the police's technological and financial crimes group opened an investigation following the first of two reports of apparent scamming. Investigators identified a series of payments to a woman who was listed as the beneficiary of one of the accounts opened to channel the funds from the alleged scam. The payments were related to a fraudulent investment scheme in which investors were promised high returns.
In June this year, there was a second report. An individual had been contacted by alleged brokers who said there a woman in Mallorca who could help with the crypto investment process. Investigators were able to link the two cases by verifying that the intermediary was the same woman in the first report.
It emerged that the arrested woman had herself been the victim of a similar scam. She was recruited and offered the chance to recover part of her loss if she collaborated by attracting new investors in exchange for a commission. Her participation was key to the scammers' continued operations.
She was arrested and charged with suspected fraud. Further arrests are expected.