Spanish authorities have dismantled a crypto investment scam that defrauded 208 victims out of €19 million (approximately $21.5 million). The operation began when a victim reported losing €624,000 (over $700,000). The criminal group utilized AI-generated videos of celebrities to persuade potential investors to invest in a fraudulent scheme. Victims were told they needed to invest additional funds to unlock their initial investments, which promised substantial returns. While specific cryptocurrencies used in the scam were not disclosed, the police warned the public of high-risk investment offers that guarantee significant returns without risks. The investigation has led to the arrest of six individuals aged between 34 to 57. They have been charged with fraud, money laundering, and using false documentation. The head of the ring was apprehended before attempting to flee to Dubai, and while the investigation remains ongoing, it is unclear if any recovered funds will be returned to the victims.

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