Authorities in Spain have arrested six people between the ages of 34 and 57 on charges of being involved in a $20.74 million scam. The scammers posted fake ads featuring deepfake-generated celebrities that urged people to invest in their cryptocurrency products.
Fraud scheme
According to investigators, the scammers used targeted advertising taking into account the interests and behavior of users on the Internet. Potential victims were shown personalized ads about “profitable” investments on popular websites and social networks. The fraudsters actively used deepfake videos of celebrities in that scheme.
After victims had invested money in the cryptocurrency scheme, the scammers informed victims that their funds were “blocked” and additional payments were required.
After contacting the police, victims received new messages – allegedly from Europol agents or lawyers from the UK – claiming that their funds had been recovered, but that in order to get a final refund, they had to pay taxes corresponding to the country where the money was supposedly blocked. Those who believed were losing money repeatedly.
Operation progress
The operation of finding and catching the criminals lasted about two years. Thus, 2 years earlier one of the residents of Granada reported to the police that he had lost more than $682 thousand as a result of a fraudulent investment scheme. A similar investigation was conducted in another city, Alicante, which is how the two police departments managed to join forces and get on the trail of a large criminal network.
According to the investigation, the group’s activities included multiple international financial transactions, shell companies, and more than 50 fake names used by the gang leader. During the search police seized cell phones, computers, hard drives, cash, and other evidence. It is reported that more than 208 people suffered from the actions of the fraudsters.
The investigation continues under the direction of the cybercrime prosecutor in Granada. The detainees are accused of fraud, money laundering, and participation in an organized crime group.
- Read more on the website of the Spanish National Police: https://policia.es/_es/comunicacion_prensa_detalle.php?ID=16521
