Spanish police have arrested six individuals involved in a global investment scam that used AI techniques to defraud over $20 million from at least 208 victims. The scammers initially posed as investment managers luring victims with promises of high returns and zero risk on cryptocurrency investments. After stealing funds, they contacted the victims again, impersonating authorities such as Europol agents, claiming they could recover the stolen money for a fee. The police stated that algorithms targeted specific victims based on their profiles, making the scams increasingly sophisticated and scalable. During a raid, authorities confiscated numerous electronic devices and evidence of the intricate operations, which included the establishment of fake companies and the use of numerous false identities by the leader of the syndicate, who reportedly used over 50 different aliases. The arrested individuals face charges of fraud, money laundering, and document falsification within a criminal organization.

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