Latvian Scammer Living Luxuriously on Costa del Sol Traced
A fraudster, who allegedly swindled his victims out of at least €500,000 while living a life of luxury on the Costa del Sol, has been traced to Latvia. The scammer and his accomplices were known for their extravagant lifestyle, renting villas at €1,000 a night, wearing designer clothing, driving high-end cars, and dining at some of Marbella’s most exclusive restaurants. The funds for their lavish lifestyle were reportedly sourced from their victims.
Scammer’s Modus Operandi: Aggressive Social Media Campaigns
The fraudsters targeted their victims through aggressive social media campaigns. They even went as far as hiring an actor to shoot promotional videos, presenting him as the ‘inventor’ of a new cryptocurrency to rival Bitcoin. The Guardia’s UCO cybercrime unit was able to track down the suspect to Latvia. The real ‘inventor’ of the ‘Hodlife’ token was, according to the police, merely setting up investors for a fall.
Victims Persuaded to Invest in New Cryptocurrency
The victims were persuaded to send cryptocurrencies to a digital wallet for ‘investment’ in the new token. However, once a substantial amount of online currency was collected, it was transferred to other digital wallets and vanished from the victims’ accounts.
30-Year-Old Ringleader’s Luxury Lifestyle in Ibiza and Tenerife
The 30-year-old ringleader was also seen in Ibiza and Tenerife, where he continued his luxury lifestyle. His stays in high-end villas were interspersed with stopovers in luxury hotels, where he used the free wi-fi to run the scam in an attempt to cover his tracks.
Latvian Suspect Arrested, Linked to Series of Frauds
The 30-year-old Latvian suspect, who has been arrested in his home country, has been on the run from an international arrest warrant issued in the US in 2015 for a series of frauds. The police believe he may be involved in a series of online scams in Spain that have netted another €600,000, with investigations continuing.
Advice to Avoid Falling Prey to Scams
In light of these events, the Consumers’ union has published advice to help individuals avoid falling prey to holiday rental fraud in Spain. The police are also investigating a locksmith rivalry on Spain’s Costa Blanca, where dirty tricks have been used to sabotage a competitor’s internet ad campaign.
