Spanish authorities arrested six people who helped operate a global AI-powered investment scam that stole more than $ 20 million from at least 208 victims.
Scammers will wrap victims up to three times. After stealing an initial sum by Investment scamThe scams have been in contact with the victims twice more, masquerading as investment managers and then as authorities, who have offered to recover stolen funds for a fee, Spanish police Says In a statement on April 7.
The Scammers used deepfake ads “National Personality” that promises a high return to crypto investments, and sometimes pose as financial counselors or even romantic interests to attract victims.
Experts have warned of increasing scams enhanced by AI. Blockchain Analytics Firm Chainalysis said in his February 13 Crypto scam income 2024 report Generative AI makes a “scam that is more scalable and reaching for the evil actors to perform.”
🚩 Six people to cheat more than 19 million euros using #Artificial #inteLigencia
🔴 They enhance the victims by manipulated ads with #Ia To make an investment in #CRIPTOMONE To the so -called very -benefit products pic.twitter.com/rmrdgbpoyz
– National Police (@policia) April 7, 2025
“The victims were not selected randomly; instead, the algorithms chose those whose profiles match the searches in Cybercriminals,” Spain police said.
“When they selected their victims, they put advertising campaigns on websites or social networks they used, offering them cryptocurrency investments with high return and zero risk of losing property -investments that, obviously, became a scam.”
When the victims could not withdraw the funds, realizing that it was a scam, according to the Spanish police; However, the ruse did not end there.
Scammers will mislead victims again in follow-up scams
Cybercriminals will reunite with victims, Posing as investment managersThe claim of stolen funds is frozen and can recover if they pay a deposit.
“The victims, hoping to finally recover their money, made the deposit without realizing that they were being re -sscamed,” Spain police said.
The scammers will then contact the victims the third time, at this time posing as Europol agents or attorneys from the United Kingdom, which offers to restore stolen funds if the victim paid the corresponding tax on the country where it was blocked.
Related: Crypto brokers destroy the ankles -while fleeing the kidnappers in Spain
Spain authorities arrested six people involved in the syndicate, charging them with fraud, money laundering and false documents in a criminal organization.
In a raid on the alleged leader behind the scam, Spanish authorities took many cell phones, computers, hard drives, a simulated weapon and extensive documentation.
Many people who are linked to the outline also have identified in other countriesAnd the syndicate allegedly created a large number of fake companies to banese stolen funds.
“Moreover, members of the organization use many false identities. In the case of the leader, for example, he used more than 50 different identities,” said Spain police.
