A 24-year-old Dutch law student from Hengelo, Netherlands, was arrested this week after further evidence emerged in connection with his alleged multi-million euro crypto scam.
The man, who styled himself as a “crypto banker,” went into hiding last year when his crypto trading scheme collapsed, leaving around 300 people—including friends and family—with losses totaling up to €4.5 million ($4.6 million).
As per the report, the man vanished after facing harassment from investors who had lost money. Following this, he went to the police for help and was moved to a safe location.
However, on Monday, he was arrested after a foundation set up by the affected investors provided more evidence in the case.
The scam involved the man convincing people to invest at least €5,000 ($5,146) each, promising high returns. In exchange, he would take 50% of the profits. Despite the scheme falling apart, he continued to take on new investors.
Lawyers described it as a crypto pyramid scheme, where funds from new investors were used to pay older investors, creating the illusion of success.
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