Spanish police have arrested six suspects involved in a large international investment fraud scheme utilizing artificial intelligence (AI) technologies. The agency reports that at least 208 individuals fell victim to the scammers, with total losses exceeding $20 million.
This is reported by Finway
Fraud Scheme
According to the investigation, the fraudulent scheme consisted of three main stages. Initially, victims were lured with promises of “zero-risk” cryptocurrency investments. Subsequently, the scammers posed as investment managers and promised the return of stolen funds in the form of deposits. In the final stage, they impersonated Europol agents or British lawyers, demanding payment of “taxes” to unlock assets.
Use of Technology
The perpetrators effectively used AI to target audiences based on their online behavior, allowing for personalized advertising. Among their tools were the generation of fake profiles, including romantic connections, document forgery, and the creation of fake websites.
During police searches, computers, mobile phones, documents, and fake weapons were seized. The suspect believed to be the group’s leader was found with over 50 forged identity documents. Additionally, connections to accomplices in other countries and a network of shell companies created for money laundering were uncovered.
Chainalysis experts had previously warned that AI enhances the scalability and accessibility of fraud.
Authorities believe that such schemes will only expand unless international oversight is strengthened. The suspects are charged with fraud, money laundering, and participation in an organized criminal group. The investigation is ongoing, and law enforcement expects further arrests.
It is worth noting that in 2024, hackers stole $1.94 billion, while in the first two months of 2025, this amount rose to $1.89 billion.