CryptoSpain Pyramid Scheme Which Promised 53% Returns Without Paying Taxes Closes

Madeira Invest Club, which offered returns of 53%, ceased operations after being alerted by the CNMV in May 2023. On Instagram, its visible face was the Cryptospain account, led by Álvaro Romillo, which provided information on how to evade the Treasury.

In the world of investments there is a maxim: if it is too good, it is either a lie or a scam. No one is going to give you astronomical returns without maximum risk and much less, without having to pay a penny to the Treasury. That is exactly what has happened to Madeira Invest Club, which offered returns of 53% , and which has now disappeared overnight.

The National Securities Market Commission (CNMV) had already warned about this in May of last year. Specifically, in the statement issued by the regulator, it was warned that this company “is not authorised to carry out the activities reserved for collective investment institutions provided for in section 1 of article 1 of Law 35/2003, of November 4th, on collective investment institutions.”

Surprise closure of the Madeira Invest Club

Now, to the complete surprise of its clients, the service has closed down. The Telegram channel used to communicate with the Madeira Invest Club community appears deactivated, in addition to the fact that its offices are closed and the telephone numbers do not work. Only the email address legal@madeirainvestclub.com is available so that investors can request the restitution of their investment.

Of course, after ensuring that everything would be done anonymously without having to give explanations to the tax authorities and without having to pay any taxes, now it is warned that any information provided by email will be provided to regulatory bodies and even to the courts if required. In other words, if you want to recover the money you have invested to avoid paying taxes, you must identify yourself and expose yourself to a major tax crime.

The bad news about the Madeira Invest Club is that everything points to an alleged pyramid scheme because, according to some of those affected, the returns were being paid until they suddenly stopped doing so.

The closure of the Madeira INvest Club was announced in a video recorded by Luis, the leader of the community, who explained that the company has been forced to close down due to alleged investigations. He claimed that his bank accounts have been blocked, as well as the company’s own activity.

El Confidencial has learned that Luis is actually Álvaro Romillo Castillo, whose father, Domingo Romillo Iriarte, was in charge of the Madeira Invest Club websites. They had accounts in Portugal and companies based in Viseu. They even had another company linked to the businesses of this one located in Estonia. In all his videos he appeared with a mask that hid part of his face and was a kind of “marketing image as well as a suspicious way of showing himself.”

ADSLZone has contacted Antonio Gabriel Romero Rodríguez, responsible for launching CryptoSpain’s marketing campaigns. “If the alleged plot is confirmed, I am also affected because I have invested money.” At the same time, he has disassociated himself from Álvaro Romillo at a corporate level.

How many people are affected by the Madeira Invest Club closure?

Cryptospain has sold information products to more than 5,000 students with affiliate networks . There are also more than 2,800 people who have been paying a membership fee of 2,000 euros per year and sources close to those under investigation say that they have been able to raise nearly 100 million euros with false promises. We are facing one of the most important crypto scams in Spain that has left a good trail of victims.

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(Featured image by Vitaly Taranov via Unsplash)

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First published in adslzone. A third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

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