Spanish ‘mini-Madoff’ with a pyramid scheme affecting 100,000 people in 110 countries in America and Europe,

Spanish National Police in Valencia have arrested a man, named as G.C.S. believed to be responsible for defrauding more than 300 million dollars, nearly 212 million €.

Police say it is like a Spanish ‘mini-Madoff’ with a pyramid scheme affecting 100,000 people in 110 countries in America and Europe, including Spain, Colombia, Mexico, Slovenia, United States, France, Ecuador, Croatia, Italy, Panama, Bolivia, Argentina, Canada, Guadalupe, Peru, Iceland, Switzerland, Puerto Rico, Venezuela and the Dominican Republic.

The money obtained initially from a platform dedicated to investments in the currency markets was in fact invested in real estate and the group had reserved as many as 140 properties across the country. 12 bank accounts have been blocked, and 20 Spanish properties have been embargoed for 29 million €.

Reports indicate that there have been at least three arrests and the operation remains open. A further seven people have been indicted so far.

Potential investors were offered a return of between 10% and 20%.