The arrest of November 6, 2025 marks the dismantling of one of the largest pyramid schemes linked to cryptocurrencies in Europe, affecting more than 3,000 victims in several countries.
The Spanish Civil Guard carried out the arrest as part of Operation PONEI, with the support of Europol and law enforcement agencies from the United States, Singapore, Malaysia and Thailand. Romillo appeared in court on November 7 and was denied bail due to flight concerns. Judge José Luis Calama ordered his placement in temporary prison while awaiting trial.
The Madeira Invest Club program
Romillo’s fraudulent operation centered on the Madeira Invest Club (MIC), launched in early 2023. The club presented itself as an exclusive private investment group offering opportunities in luxury assets, including real estate, high-end vehicles, yachts, rare whiskey, gold and cryptocurrencies.
Investors were promised annual returns of between 20% and 53%. The program used digital art purchase agreements, claiming that it would purchase NFTs and other digital art that would then be resold with guaranteed profits. However, investigators found no real commercial activity behind this operation.
According to Spanish authoritiesThe Madeira Invest Club operated like a classic Ponzi scheme. The new investors’ money paid off to the previous participants, creating the illusion of profitability while the operation collapsed from within. The program collected 7 million euros in contributions alone before its closure in September 2024.
International criminal network
The investigation revealed a vast criminal network spanning at least 15 countries. Romillo allegedly controlled 52 shell companies and maintained 106 bank accounts in several jurisdictions, including Portugal, the United Kingdom, Estonia, the Dominican Republic, Albania, Malaysia, Hong Kong and Singapore.
A key factor in Romillo’s denial of bail was the discovery of €29 million in a Singapore bank account linked to the accused. This large offshore stake has increased concerns that he will flee to avoid prosecution.
Investigators also uncovered Romillo’s involvement in SentinelBQ, a Madrid-based company offering approximately 5,000 secure safes. This service allowed customers to store cash, gold and cryptocurrencies without the need for legal filings, making tax evasion and money laundering easier.
A political scandal emerges
The case took a political turn when Romillo admitted giving 100,000 euros in cash to Luis “Alvise” Pérez Fernández, a far-right member of the European Parliament. The payment took place on May 27, 2024, just days before the European elections, which Pérez also acknowledged receiving.
Pérez leads the political movement “Se Acabó La Fiesta” (The Party is Finished), which surprisingly won three seats in the legislative elections. European Parliament elections in June 2024. Spanish prosecutors are currently investigating whether Romillo helped create cryptocurrency wallets to receive anonymous political donations, potentially violating campaign finance laws.
The Supreme Court opened several cases against Pérez, including for illegal campaign financing, fraud and money laundering. This development has revealed potential links between cryptocurrency fraud and far-right political movements in Spain.
Lavish lifestyle and seized assets
Before his arrest, Romillo displayed an extravagant lifestyle financed by investors’ money. He owned the “Omnia”, a luxury yacht valued at 23 million euros, measuring 59 meters long, four decks and capable of accommodating a crew of 17 people. Authorities seized this vessel along with other yachts named “The Coop”, “Joker” and “Alter Ego”.
Law enforcement also confiscated several properties, luxury vehicles, cryptocurrency wallets and bank accounts. These assets were purchased with funds that should have been invested on behalf of the victims. During the pandemic, Romillo gained followers by posting videos about cryptocurrency and tax evasion strategies, always appearing with a mask that hid his face.
Previous warnings ignored
The Spanish National Securities Market Commission (CNMV) issued a warning regarding Madeira Invest Club in May 2023, saying the company was not authorized to operate as a collective investment undertaking. Despite this public alert, the system continued to operate for over a year before finally shutting down.
Romillo was also accused of providing financial advice without proper credentials. The Cryptocurrency Users Association filed a complaint claiming he offered tax and investment advice via social media despite lacking the required qualifications and CNMV registration. His TikTok account had attracted 212,000 followers before the project collapsed.
The fallout continues
Beyond Romillo himself, investigators are examining his close associates and family members who allegedly contributed to the operation of the network. This includes his father, Domingo Romillo Iriarte, who managed websites and bank accounts for the Madeira Invest Club, and several other family members who controlled connected companies.
The case remains under active investigation as authorities work to recover stolen assets and identify other accomplices. Victims have organized through legal representation to seek redress, although recovering funds from complex international programs often proves difficult.
Some affected investors are now facing “tax regularization” requests from Spanish tax authorities related to their participation in the program, adding financial pressure beyond their initial losses.
When promises shine too brightly
The CryptoSpain affair is a stark reminder that extraordinarily high returns are usually a sign of fraud rather than opportunity. While cryptocurrency markets offer legitimate investment opportunities, programs promising guaranteed profits of 20-53% per year should immediately raise red flags. The combination of regulatory warnings, anonymous operations and political connections created a web of deception that ultimately collapsed, leaving thousands of victims seeking justice and struggling to recoup their investments.
