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Spanish
police have nabbed six people behind an audacious cryptocurrency scam that not
only used AI-generated celebrity deepfakes but remarkably managed to trick the
same victims three separate times, ultimately stealing more than €19 million
($20.5 million).
The
scammers didn’t just hit and run – they kept coming back for more. After
initially duping victims with fake investment schemes, they later posed as
recovery specialists offering to retrieve the stolen funds for a fee, then
circled back a third time, pretending to be Europol agents demanding “tax
payments ” to release the supposedly recovered money.
The joint
operation by Spain’s National Police and Civil Guard led to arrests across
Granada and Alicante provinces, where the alleged ringleader was preparing to
flee to Dubai before being caught. The suspects, aged 34 to 57, now face fraud,
money laundering , and document forgery charges.
“During the
investigation, a total of 208 fraud crimes have been clarified and more than
100,000 euros of the total money defrauded from the victims have been blocked
for the moment,” the Spanish
police commented.
#OperacionesGC | 🚨 Desarticulada una red criminal que estafó 19M € a 208 personas usando vídeos de famosos generados con IA para promover falsas inversiones en criptomonedas.
▶️ Volvían a contactar a las víctimas haciéndose pasar por Europol para seguir estafándolas.🚔 6… pic.twitter.com/dFYauXf57X
— Guardia Civil (@guardiacivil) April 7, 2025
The Triple-Dip Scam
The scheme
began innocently enough with AI-manipulated ads featuring well-known Spanish
personalities promoting “risk-free” cryptocurrency investments with
impressive returns. Using algorithms to target specific victim profiles, the
scammers initially delivered small profits to build trust.
But when
victims tried to withdraw larger investments, the problems began.
“However,
the scam was still going on,” added the police. “After a while, the
cybercriminals contacted the victims again, pretended to be responsible for the
investments and confirmed that the money was blocked, that it was possible to
recover it, but that in order to unlock it they had to make a new deposit, often
of a significant amount.”
Just when
victims thought they couldn’t be fooled again, they’d receive another
communication – this time from someone claiming to be a Europol agent or UK
lawyer who had “recovered” their money. The catch? They needed to pay
supposed taxes before receiving their funds.
One victim
from Granada lost €624,000 through this multi-layered deception, which sparked
the initial investigation over two years ago.
“Once again
and with the belief that this time they would recover their investment, they
agreed to pay the supposed taxes,” the official statement continued.
Spain was
recently also involved in the activities of
an international group of fraudsters running boiler room operations,
deceiving tens of thousands of people and siphoning off $35.3 million and over
$247 million.
Masters of Disguise
The group
went to extraordinary lengths to conceal their identities. The alleged
ringleader reportedly used more than 50 different personas, while the
organization created a maze of shell companies throughout Spain to launder
their ill-gotten gains.
“They had
created a large number of companies throughout the national territory through
which they channeled the money from the scams. In addition, members of the
organization used multiple false identities,” added the press release.
During
raids in Alicante, Torrevieja, Santa Pola, and Villajoyosa, police seized
computers, phones, and extensive documentation. A court has ordered the
detention of the group’s leader while investigations continue.
AI-Powered Deception
What made
this scam particularly effective was its use of artificial intelligence to
create convincing deepfake videos of celebrities endorsing the fake investment
platforms.
Authorities
have only managed to block about €100,000 of the stolen funds so far – a tiny
fraction of the €19 million taken from 208 victims.
The
investigation remains active, with additional suspects identified in other
countries. Spanish police are urging the public to be extremely cautious about
investment opportunities, especially those featuring celebrity endorsements or
promising guaranteed returns.
“Do not be
influenced by famous people in advertisements,” warned the local police. “The
image of public figures can be manipulated by AI to create highly realistic
fake videos.”
Spanish
police have nabbed six people behind an audacious cryptocurrency scam that not
only used AI-generated celebrity deepfakes but remarkably managed to trick the
same victims three separate times, ultimately stealing more than €19 million
($20.5 million).
The
scammers didn’t just hit and run – they kept coming back for more. After
initially duping victims with fake investment schemes, they later posed as
recovery specialists offering to retrieve the stolen funds for a fee, then
circled back a third time, pretending to be Europol agents demanding “tax
payments ” to release the supposedly recovered money.
The joint
operation by Spain’s National Police and Civil Guard led to arrests across
Granada and Alicante provinces, where the alleged ringleader was preparing to
flee to Dubai before being caught. The suspects, aged 34 to 57, now face fraud,
money laundering , and document forgery charges.
“During the
investigation, a total of 208 fraud crimes have been clarified and more than
100,000 euros of the total money defrauded from the victims have been blocked
for the moment,” the Spanish
police commented.
#OperacionesGC | 🚨 Desarticulada una red criminal que estafó 19M € a 208 personas usando vídeos de famosos generados con IA para promover falsas inversiones en criptomonedas.
▶️ Volvían a contactar a las víctimas haciéndose pasar por Europol para seguir estafándolas.🚔 6… pic.twitter.com/dFYauXf57X
— Guardia Civil (@guardiacivil) April 7, 2025
The Triple-Dip Scam
The scheme
began innocently enough with AI-manipulated ads featuring well-known Spanish
personalities promoting “risk-free” cryptocurrency investments with
impressive returns. Using algorithms to target specific victim profiles, the
scammers initially delivered small profits to build trust.
But when
victims tried to withdraw larger investments, the problems began.
“However,
the scam was still going on,” added the police. “After a while, the
cybercriminals contacted the victims again, pretended to be responsible for the
investments and confirmed that the money was blocked, that it was possible to
recover it, but that in order to unlock it they had to make a new deposit, often
of a significant amount.”
Just when
victims thought they couldn’t be fooled again, they’d receive another
communication – this time from someone claiming to be a Europol agent or UK
lawyer who had “recovered” their money. The catch? They needed to pay
supposed taxes before receiving their funds.
One victim
from Granada lost €624,000 through this multi-layered deception, which sparked
the initial investigation over two years ago.
“Once again
and with the belief that this time they would recover their investment, they
agreed to pay the supposed taxes,” the official statement continued.
Spain was
recently also involved in the activities of
an international group of fraudsters running boiler room operations,
deceiving tens of thousands of people and siphoning off $35.3 million and over
$247 million.
Masters of Disguise
The group
went to extraordinary lengths to conceal their identities. The alleged
ringleader reportedly used more than 50 different personas, while the
organization created a maze of shell companies throughout Spain to launder
their ill-gotten gains.
“They had
created a large number of companies throughout the national territory through
which they channeled the money from the scams. In addition, members of the
organization used multiple false identities,” added the press release.
During
raids in Alicante, Torrevieja, Santa Pola, and Villajoyosa, police seized
computers, phones, and extensive documentation. A court has ordered the
detention of the group’s leader while investigations continue.
AI-Powered Deception
What made
this scam particularly effective was its use of artificial intelligence to
create convincing deepfake videos of celebrities endorsing the fake investment
platforms.
Authorities
have only managed to block about €100,000 of the stolen funds so far – a tiny
fraction of the €19 million taken from 208 victims.
The
investigation remains active, with additional suspects identified in other
countries. Spanish police are urging the public to be extremely cautious about
investment opportunities, especially those featuring celebrity endorsements or
promising guaranteed returns.
“Do not be
influenced by famous people in advertisements,” warned the local police. “The
image of public figures can be manipulated by AI to create highly realistic
fake videos.”
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