Two people were arrested by the Civil Guard in Madrid and Alicante, while six others were investigated in Murcia, Murcia, Navarra and Granada for fraud in relation to false investments in cryptocurrencies or money laundering.
According to a press release, the armed institute began an investigation in October 2021 following a complaint at Ocana Civil Guard Post. The victim claimed that a cryptocurrency investment company promised him a high return on a small investment.
The victim was able to invest a total of 100,000 euro in a partitioned manner, but never received any of it back.
The method used to conceal the true source of the events is called a Ponzi scheme. This pyramid scheme tries misleads those who are affected by it. They believe that the profits they make from their investments come from legitimate commercial activities but their true origin is the other investors.
The authors called the victims periodically to keep their interest and get them to transfer money to third-party accounts. This allowed the victims to invest in different cryptocurrencies.
Technological Investigation (Edite), a team of the Judicial Police of the Civil Guard of Toledo, focused their investigations on the analysis of bank accounts and connections from different points of the country. It discovered that the organization had captured "bank mules", who were remotely controlled using software. They were also aware of the operations being carried out.
Police jargon refers to "mules" as a type criminal who is willing to engage in this kind of behavior to make quick money. They are also responsible for the crime.
On June 17, the Yepcoin operation was exploited. This resulted in two arrests, one woman and one man, who were 36 and 37 years respectively. Six more people were also investigated. Three men and three ladies, aged 40 to 73, were also involved.