A 45-year-old Belgian man was arrested in Orihuela, Spain, in late June, suspected of major involvement in a multi-million euro fraud scheme.
According to various Spanish media outlets, the man, identified as Stijn V., allegedly ran a criminal organisation which, from 2015 to 2018, defrauded victims of at least €24 million. This was reportedly accomplished through so-called investments in cryptocurrency, effectively operating a pyramid or Ponzi scheme. The suspect is believed to be a former cyclist.
Via subsidiaries with names such as Nanocoin, Nanoclub, Octacoin, Crypto888, Ormeus Coin, Green X Coin, CryptoTrain, and IQ Chain, Stijn V. is said to have enticed people to invest in cryptocurrencies, promising high returns.
Though the money was supposedly invested in various projects, these alleged investments never materialised, and victims never recouped their money as their cryptocurrency wallets were blocked. Victims were given a virtual bank card to access their funds, yet the card proved to be either non-functional or exceptionally rare to operate correctly.
Investigations revealed that the money was funnelled through a complex network of accounts in Norway, Singapore and Hong Kong. A sizeable portion ended up in the accounts of a Norwegian lawyer. It is alleged that Stijn V. collected around €10 million himself, primarily using the funds to purchase real estate in Spain.
In Belgium, media reports mention 58 complaints against Stijn V, who was arrested on 30 June after a European Arrest Warrant (EAW) was issued by Belgium.
"My client came to Belgium voluntarily and presented himself to the police on his own initiative," said his lawyer, Joris van Cauter. "He has asserted his innocence and was subsequently released. He has been living in Spain for eight or nine years for medical reasons, with his address known to both Spanish and Belgian authorities."
Van Cauter disputes the criminal allegations, insisting, "It’s a vastly overstated story. Over ten years ago, he was a pioneer in cryptocurrencies, but there is no question of a pyramid scheme or fraud. While he successfully invested in cryptocurrencies, it is not his fault if others did so with less success."
