Spanish Crypto Influencer Álvaro Romillo Jailed Without Bail in $300M Fraud Case

Spanish authorities have remanded crypto influencer Álvaro Romillo Castillo, known online as “CryptoSpain,” to prison without bail over allegations of masterminding a €260 million ($300 million) Ponzi scheme through Madeira Invest Club (MIC). The National Court judge cited flight risk after discovering a Singapore account holding €29 million linked to his operations.

Details of the Alleged Fraud

Romillo, 42, allegedly defrauded around 3,000 investors by promising 20% annual returns on tokenized luxury assets like yachts, Ferraris, gold, and digital artwork via MIC, launched in 2023. Prosecutors say it was a classic pyramid scheme: early payouts funded by new deposits, with no real investments. The Civil Guard’s Central Operational Unit (UCO) uncovered an international network of 52 shell companies and 106 bank accounts across Portugal, Singapore, Hong Kong, and beyond.

Seized assets include luxury vehicles and a €23 million yacht named “Omnia.” Romillo claimed during his November 7 hearing that he repaid 2,700 victims in undocumented cash, but contradictions—such as hidden funds post a reported home robbery—undermined his defense.

Political Ties and Broader Probe

The case gained notoriety after Romillo admitted donating €100,000 in cash to far-right MEP Luis “Alvise” Pérez’s 2024 campaign, sparking a separate election finance investigation. He faces charges of aggravated fraud, money laundering, and criminal organization, with potential sentences up to 18 years if deemed a “mass offense.”

Impact on Crypto Community and Regulation

This marks one of Spain’s largest crypto frauds, amplifying calls for tighter influencer oversight amid Europe’s crackdown (e.g., EU’s MiCA). Victims urge due diligence, warning against high-yield promises.

Romillo’s jailing underscores risks in unregulated crypto promotions, blending influencer hype with political controversy. As investigations span 15 countries via Europol, the scandal could reshape Spain’s digital asset landscape—investors beware unchecked social media schemes.