Mallorca-bound man held over nearly €100,000 crypto scam

Nearly €100,000 in crypto investments has not been returned: police arrest a man at the port of Ciutadella, Menorca, on Saturday as he prepares to leave for Palma, Mallorca. German authorities want him over an alleged fraud involving several investors in 2020 and 2021, according to Spain’s National Police.

Promised returns, but no money back

The man ran a company with a cryptocurrency investment platform, police say. It promised investors returns of 0.5% to 3% a week. They put in almost €100,000 between them, but received neither their money nor the promised returns.

Stopped before leaving for Palma

German authorities had issued a European arrest warrant. After receiving information that the man might be in Ciutadella, officers intercepted him at the port before he could leave for Palma.

Police took him to the local station and informed the duty judge at Spain’s National Court. A judge then ordered him held in prison.

Topics: Police · Arrests · Palma

Source: Europa Press / Mallorca.com