Alex Trelinski
THREE Dutch people have been arrested in the Marbella area over a €16 million cryptocurrency scam that mainly fleeced criminals.
The Policia Nacional cooperated with their counterparts in the Netherlands in the largest-ever seizure of virtual currencies in Europe linked to drug trafficking money.
Victims from various European countries were defrauded, including members of international criminal gangs based on the Costa del Sol who laundered cash obtained from their illicit activities.
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Three searches in Marbella and Mijas as well as in the Netherlands were made by authorities.
Police seized more than €850,000 in cash, 16 high-end watches, a large number of mobile phones and jewellery valued at more than half a million euros.
The leader of the scam moved to Marbella to launder the money he obtained from the crypto con by buying valuable items and properties that he put in the name of third parties.
Investigations also focused on his parents, who allegedly helped him with the money laundering.
He adopted countless security measures including changing his address weekly as he used different holiday rental homes, taking computer equipment with him to continue his scamming.
The man used instant messaging phone apps to advertise himself and gain the trust of his victims who made transfers to him to convert their cryptocurrencies into conventional currency.
He reeled in people- mainly drug traffickers- and gained their trust by making satisfactory low amount transfers.
Once the sums got bigger, nothing was given back to clients as he boosted his own assets.
His constant moving around made it difficult for police to locate him as well his tracking his financial activities as he made transfers to password-protected ‘cold wallets’.
The scammer was eventually located and arrested last September in Marbella and faces extradition to the Netherlands.
