In Spain, a top EverFX manager has been arrested.
The CashFX Group broker is accused by the Spanish government of “stealing billions of euros from tens of thousands of investors.”
As reported on December 16 by Anadolu Agency;
Catalan police said on Friday that they had arrested the alleged Spanish leader of an international crypto scam that stole billions of euros from hundreds of thousands of investors.
He was going from Romania to Barcelona by plane. Police say that as soon as his flight landed, they went into the plane to arrest him.
He is accused of being a member of a criminal group and of committing fraud.
EverFX, which was run by the same criminal group, is how EverFX is linked to CashFX Group.
Suspects tricked victims by making it look like they worked at the call centers or by using “other so-called social engineering techniques.”
Then, Eurojust says, they told victims to invest in websites that were controlled by the criminal group.
One of these was the Everfx exchange, which was the most popular in Spain.
Authorities think that around 17,000 people in Spain alone fell for the scam.
“Pablo A.” is the name of the EverFX employee who was arrested. The OCCRP also reports;
Pablo A. was the “team leader” for EverFX in Spain. He was in charge of “managing” the Spanish victims who sent money to the fake brokerage after being persuaded to do so by Pablo.
“Call centers on the edge of the European Union were used to get in touch with the victims,” the statement said.
Pablo A. was arrested after call centers were raided on November 8th and 9th in Germany, Spain, Albania, Bulgaria, Georgia, North Macedonia, and Ukraine.
Mikhail B. was caught in Georgia with the help of German authorities. Regarding the investigation;
Amant J., the owner of a call center with close ties to the Albanian government and an advisor to the Ministry of Defense, has been put on the wanted list.
El Pais says that authorities outside of Spain think there could be as many as 200,000 victims. Total losses are now thought to be more than $2.5 billion.
In 2018, Spanish police started looking into the EverFX criminal group.
It was said that Pablo A. was part of a criminal group that ran 470 fake websites. Instead of just giving a list of these sites, the Catalan government has put up a search engine.
The list doesn’t have CashFX Group on it. So, it’s still not clear if the EverFX bust is part of a larger CashFX Group investigation or how much this criminal group was involved with CashFX Group.
Back in 2020, when regulators were paying more attention to CashFX Group, EverFX denied having anything to do with CashFX Group.
At the time of the announcement, CashFX Group’s Spanish website listed EverFX as their broker:
EverFX COO Najib Kassis showed up at a CashFX Group promotion event in late 2019, which showed that the denial was not true.
In May 2021, EverFX was banned from doing business in the UK. It did business through a shell company in Cyprus called ICC Intercertus Capital Limited, which has since changed its name to Harindale Ltd.
Talking about how EverFX used Cyprus shell companies to steal money;
Police sources say it’s too bad that Cyprus has let groups looking for a semblance of legitimacy to commit fraud all over Europe use it as a front.
BehindMLM has thought for a long time that registering a Cyprus shell company, including with the Cyprus Securities and Exchange Commission, was pointless.
After EverFX went out of business in the UK, CashFX Group did the same thing in November 2021. In December 2021, Spain warned about CashFX Group securities fraud.
CashFX Group CEO Huascar Lopez hasn’t been seen or heard from since late 2021 when he faked a trip to Europe.
In a letter to CashFX Group investors that was sent out yesterday, “HL” said;
When I reflect on the past year, I am very aware of the hard times CFX members went through, and I understand how our company’s problems have affected each of you.
Our corporate team has been working hard all year to build the next phase of your business.
Each month, SimilarWeb still counts between 650,000 and 750,000 visits to CashFX Group’s website.
The UK (30%), Norway (10%), and Australia (6%) are where most of the visitors come from.