Case Registry Branch of the National Court in Spain has registered a 1st Class Action Suit alleging crypto fraud. As per the contents of the suit, it has been confirmed that the suit has been filed by crypto investors. In the suit, it has been alleged by the crypto investors that a fraud has been caused upon them involving US$ 298 Million. The case has been duly numbered and has been accepted for hearing in Spain’s National Court. An individual, who has been named as the main perpetrator of the scam, has been impleaded as the defendant by the investors.
It was reported that a man named Javier Biosca Rodriguez committed crypto fraud upon Spanish investors. The money being scammed by the perpetrator has been told to be Euros 250.00 Million (approximately US$ 298 Million).
It was complained off that Rodriguez made crypto clients from every field. For instance, his clients included lawyers, doctors, private and public officers (both on duty and retired) as well as judges. All of his clients were those people who had gone through tough times because of the pandemic. For undoing their past year, they all wanted to invest in crypto because of the apparent crypto boom and rally. However, Rodrigues took the matter into his hands and decided to commit upon the already burdened class of the society. Rodrigues told them that there is only one way to undo the crisis caused by the pandemic and that is “crypto investment”. He referred to Bitcoin and its phenomenal growth in the past year to lure them into his trap.
Now that the case is accepted for trial, it is going to be the first crypto lawsuit that will be heard by Spain’s National Court. Before this case, although there have been thousands of cases decided and pending before the National Court but the crypto case is the new entry.
Crypto investors who are plaintiffs in the lawsuit have hired an expert lawyer namely Emilia Zaballos. The attorney made a statement that the suit was filed one and half months ago. However, the filing was deliberately concealed because she wanted to ensure that she doesn’t want to alert Rodrigues in any way.
Zaballos is also heading the crypto victims association in Spain in the capacity of its President. She pointed out that crypto fraud schemes are operating everywhere in Spain. Every day she receives crypto fraud complaints and the worst part is that the culprits are not accounted for.
However, the crypto fraud scheme which was launched by Rodrigues came to its end in November last year. Yet the accused owed monies to investors which he had not returned to the investors. Zaballos is of the view that the crypto fraud wouldn’t be limited to US$ 298 Million. In fact, she claimed that the fraud involved billions of looted funds.