Spanish Court Freezes €29 Million Linked to Alleged Investment Scam
The National Court of Spain has blocked a bank account in Singapore amid an ongoing investigation into a fraud scheme linked to Madeira Invest Club.
The National Court of Spain has ordered the freezing of a bank account containing €29 million located in Singapore.
In the summer of 2024, two Portuguese companies, Maidentok Lda and Sabrosso Lda, transferred funds to this account.
Both companies are owned by Álvaro Romillo and his father, Domingo Romillo.
Álvaro Romillo, known as 'CryptoSpain,' is under investigation by the National Court as a suspect in a large-scale fraud scheme involving his business group, Madeira Invest Club (MIC).
Luis Pérez, a Member of the European Parliament and public figure known as Alvise Pérez, publicly promoted MIC in April 2024, despite prior warnings from the Spanish Securities and Exchange Commission (CNMV) in 2023, referring to it as a fraudulent financial scheme.
In a statement to prosecutors, Romillo confessed to delivering €100,000 in cash to Pérez to finance his electoral campaign for the European elections.
This arrangement reportedly included a promise from Pérez to lobby for MIC and promote cryptocurrency investments once he secured a seat in Brussels.
WhatsApp messages provided by Romillo to prosecutors suggest that Pérez pledged to conduct "massive lobbying" from the center of Europe.
During the investigation into the Madeira case, the National Court identified the Singapore account, which is held by Lemus Trading HK Limited, a company registered in Hong Kong.
According to a report from the Economic and Fiscal Crime Unit (UDEF) of the Spanish National Police, the Singaporean authorities alerted the Spanish court to these transactions, which they deemed "suspicious." As a result, the account has been frozen until October 30, 2024, in accordance with local regulations, although Spanish authorities have requested that the funds remain frozen indefinitely due to their suspected links to criminal activities.
The transaction dates, which occurred between July 15 and August 19, 2024, coincide with the final stages leading up to the closure of the alleged financial scheme utilized by the suspects for their illicit activities.
The court indicated that Maidentok Lda and Sabrosso Lda are integral to the network established to divert the amounts invested by the victims.
The judicial resolution also highlights that there is no available information in police databases regarding the administration and beneficiaries of Lemus Trading HK Limited, which was registered in October 2023. The account in question was significantly populated with funds from the two aforementioned Portuguese companies belonging to the Romillos over the summer of 2024.
Previously, the MIC had been identified as the central element of an international pyramid scheme that defrauded hundreds of investors, whose funds were entrusted to the platform, which abruptly ceased operations in 2024 without notice.
The monetary returns stopped when the website was shut down.
Madeira Invest Club was marketed as a private club facilitating investments in luxury cars, real estate projects, high-end watches, digital art in NFT format, gold, precious metals, startups, alcohol, and collectibles.
Additionally, proposals were made for the acquisition of two existing banks, one in Switzerland and another in Lithuania, aiming to establish a digital banking platform with reduced regulatory requirements.
Furthermore, Sabrosso Lda appears in contracts as a "collection manager" between MIC and various investors, with a bank account under this company listed as the recipient of funds from complainants, many of whom are represented by lawyers Emilia Zaballos and Francisco Jiménez of Zaballos Abogados.
The Romillos have also registered companies in the Dominican Republic, which the National Court believes may be connected to the alleged fraudulent activities related to investments intended for the construction of luxury villas there.
Álvaro Romillo holds the position of director of Madeira Invest Club, prominently featuring in its promotional materials and social media platforms as Luis CryptoSpain, often depicted wearing a mask that obscures part of his face.
His father, Domingo Romillo, is also associated with several companies under scrutiny across Spain, the United States, Estonia, Portugal, and the Dominican Republic.
In the summer of 2024, two Portuguese companies, Maidentok Lda and Sabrosso Lda, transferred funds to this account.
Both companies are owned by Álvaro Romillo and his father, Domingo Romillo.
Álvaro Romillo, known as 'CryptoSpain,' is under investigation by the National Court as a suspect in a large-scale fraud scheme involving his business group, Madeira Invest Club (MIC).
Luis Pérez, a Member of the European Parliament and public figure known as Alvise Pérez, publicly promoted MIC in April 2024, despite prior warnings from the Spanish Securities and Exchange Commission (CNMV) in 2023, referring to it as a fraudulent financial scheme.
In a statement to prosecutors, Romillo confessed to delivering €100,000 in cash to Pérez to finance his electoral campaign for the European elections.
This arrangement reportedly included a promise from Pérez to lobby for MIC and promote cryptocurrency investments once he secured a seat in Brussels.
WhatsApp messages provided by Romillo to prosecutors suggest that Pérez pledged to conduct "massive lobbying" from the center of Europe.
During the investigation into the Madeira case, the National Court identified the Singapore account, which is held by Lemus Trading HK Limited, a company registered in Hong Kong.
According to a report from the Economic and Fiscal Crime Unit (UDEF) of the Spanish National Police, the Singaporean authorities alerted the Spanish court to these transactions, which they deemed "suspicious." As a result, the account has been frozen until October 30, 2024, in accordance with local regulations, although Spanish authorities have requested that the funds remain frozen indefinitely due to their suspected links to criminal activities.
The transaction dates, which occurred between July 15 and August 19, 2024, coincide with the final stages leading up to the closure of the alleged financial scheme utilized by the suspects for their illicit activities.
The court indicated that Maidentok Lda and Sabrosso Lda are integral to the network established to divert the amounts invested by the victims.
The judicial resolution also highlights that there is no available information in police databases regarding the administration and beneficiaries of Lemus Trading HK Limited, which was registered in October 2023. The account in question was significantly populated with funds from the two aforementioned Portuguese companies belonging to the Romillos over the summer of 2024.
Previously, the MIC had been identified as the central element of an international pyramid scheme that defrauded hundreds of investors, whose funds were entrusted to the platform, which abruptly ceased operations in 2024 without notice.
The monetary returns stopped when the website was shut down.
Madeira Invest Club was marketed as a private club facilitating investments in luxury cars, real estate projects, high-end watches, digital art in NFT format, gold, precious metals, startups, alcohol, and collectibles.
Additionally, proposals were made for the acquisition of two existing banks, one in Switzerland and another in Lithuania, aiming to establish a digital banking platform with reduced regulatory requirements.
Furthermore, Sabrosso Lda appears in contracts as a "collection manager" between MIC and various investors, with a bank account under this company listed as the recipient of funds from complainants, many of whom are represented by lawyers Emilia Zaballos and Francisco Jiménez of Zaballos Abogados.
The Romillos have also registered companies in the Dominican Republic, which the National Court believes may be connected to the alleged fraudulent activities related to investments intended for the construction of luxury villas there.
Álvaro Romillo holds the position of director of Madeira Invest Club, prominently featuring in its promotional materials and social media platforms as Luis CryptoSpain, often depicted wearing a mask that obscures part of his face.
His father, Domingo Romillo, is also associated with several companies under scrutiny across Spain, the United States, Estonia, Portugal, and the Dominican Republic.
Translation:
Translated by AI
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