These Investment Scammers Made €19M By Hitting Victims Three Times!

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).

Spanish Police Bust €19 Million Crypto Scam That Tricked Victims Three Times Over

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

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.”