Spain’s anti-corruption prosecutor probes alleged €2 million fraud tied to Monovex

The Spanish Anti-Corruption Prosecutor’s Office has received a complaint alleging fraud, criminal organisation, and money laundering against the cryptocurrency platform Monovex.

This scheme allegedly involved approximately one hundred persons and resulted in losses of €2 million.

The petition, obtained by the Spanish news agency EFE, details an operation that complainants claim occurred between April and October 2025 using a traditional “boiler room” arrangement known in Spain as a chiringuito financiero.

Victims recount how they were approached

According to the complaint, Monovex’s owners contacted potential investors while posing as middlemen or financial consultants and presenting themselves as experienced investment professionals.

These communications invited Spanish and Portuguese residents to participate in what was presented as a low-risk opportunity to produce minor savings or additional income through the application of artificial intelligence (AI).

The presentation highlighted that the operation did not promise high returns, instead attempting to convey an impression of caution and professionalism.

The regulator had already flagged the platform

The National Securities Market Commission (CNMV) had already highlighted Monovex in July, adding the company to its list of entities not authorised to provide investment services.

Despite the warning, complainants claim the platform proceeded to acquire consumers using a variety of approaches intended to suggest authenticity and urgency.

Among them was the circulation of a fabricated interview involving television host David Broncano and Amancio Ortega, chairman of Inditex.

In that false interview, Ortega allegedly revealed an easy method for earning money through the platform, and it was claimed, also falsely, that the program in which the interview aired had to be removed from broadcast.

Promises of small, safe returns

Once initial trust was created, Monovex officials invited prospective investors to make a first investment of approximately €200, which was portrayed as symbolic and risk-free.

Shortly after, users were informed that their investment had increased twenty-fivefold and was now worth €5,000, allegedly due to bitcoin operations carried out by the site.

However, when investors attempted to withdraw their money, Monovex allegedly presented a recurring sequence of roadblocks.

Some were told that they had to pay an advance percentage of taxes before they could access their balance.

Others were told of obstacles related to anti-money laundering and counter-terrorism financing regulations, which allegedly required more documents or temporary freezes on their accounts.

According to the complaint, these answers were part of a larger campaign to delay or prohibit withdrawals altogether.

Investments were never real, according to the filing

The petition claims that the financial instruments advertised by Monovex never existed and that no actual investments were made. Instead, the cash donated by participants was allegedly routed directly to the organisation.

The lawsuit details a system in which members of the gang worked together to contact victims, influence views of financial knowledge and credibility, and sustain the appearance of continuous activities.

The victims mentioned in the complaint predominantly live in Spain and Portugal.

Many people apparently continued to communicate with Monovex officials for weeks or months, comforted by claims of great returns, good account balances, and the immediate settlement of alleged regulatory concerns.

They only realised they had been cheated after several futile attempts to recoup their money.

The case is awaiting further action

The complaint now before the Anti-Corruption Prosecutor seeks an investigation of the platform’s actions and the individuals behind them.

It emphasises the scope of the alleged operation, the strategies employed to attract and retain victims, and the use of digital technologies and cryptocurrency-related tales to give the appearance of expertise.

Authorities have not yet taken any additional action, but the complaint outlines a pattern that complainants believe alludes to a concerted network designed to deceive and extract funds from naive investors.

As the case develops, it is likely to draw even more attention to the ongoing problem of unregulated cryptocurrency scams and their capacity to abuse trust through increasingly complex online techniques.

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