A food delivery driver is accused of leading a bank note scam that allegedly netted more than €10million from unsuspecting victims.
Five people have been arrested after Spanish police uncovered the bizarre fraud network that mixed military titles, religious imagery and fake investment schemes to scam people out of millions.
The group, based in Sanlucar de Barrameda in Cadiz, allegedly targeted people with little financial knowledge and convinced them to invest in so-called ‘redemption bonds’ that promised access to rare banknotes supposedly worth hundreds of thousands of euros.
In reality, investigators say the notes – including British pounds – were practically worthless.
The arrests come as part of a Guardia Civil investigation known as Operation Capellan, which has now entered its second phase.
A sixth person, believed to be the leader of the group, is already in prison and has now been formally investigated in connection with the case.
Millions raised selling worthless notes
According to investigators, the suspects sold exotic banknotes with very little real value, charging victims hundreds or even thousands of euros per note, sometimes through shared investment schemes.
In a short period of time, the network is believed to have collected more than €10 million.
The group operated completely outside Spain’s financial regulator, the National Securities Market Commission (CNMV), and used glossy documents and certificates to make the investment appear legitimate.
Victims were told they were buying participation in redemption bonds linked to the rare notes, which were presented as luxury items supposedly worth vast sums of money.
Tele-evangelist style recruitment
Police say the group built an international structure to recruit victims, using online video conferences that resembled the style of American televangelists.
To reinforce the illusion, the organisation even created what it described as a military-religious order or foundation.
Its leader presented himself as the ‘General Commander of the Chaplains for Spain and France’ and at times claimed authority over chaplains across Europe, Asia and Oceania.
Investigators say the man’s rise was remarkable. In a short space of time he reportedly went from working as a food delivery driver to leading a criminal organisation that handled millions of euros.
Major investigation
Operation Capellan first began in mid-2024 after authorities detected a group of individuals whose wealth had increased rapidly without any clear legal explanation. Investigators soon discovered the suspects were closely linked through family ties.
Searches carried out during the first phase of the investigation uncovered large amounts of documentation, which, together with witness statements from both suspects and victims, allowed police to piece together the structure of the organisation.
The second phase of the operation concluded this month with five arrests and the ongoing investigation of the imprisoned leader.
Authorities have also seized and are investigating eight Spanish companies and one company based in another European Union country believed to be linked to the criminal network.
Read more Andalucia news at the Spanish Eye.
