Spain: National Court reaffirms its jurisdiction in the Arbistar case. What comes next?

The National Court has ratified its jurisdiction to judge the alleged cryptocurrency scam carried out by Arbistar, a decision that clarifies some of the doubts raised by the accused.

In an order dated July 10, the Chamber rejected the objections of the alleged ringleader Santiago Fuentes Jover. Who has been imprisoned since June 26. The same turned out for Diego Fernández Nojarova. Both questioned the jurisdiction of the National Court, accusing it of lacking jurisdiction to carry out the case.

National Court reiterates that it will take the Arbistar case

The court alleges that the high number of people affected and the complaints filed in different parts of Spain justify its intervention. Furthermore, the lack of precision in the amounts defrauded does not affect its jurisdiction.

Judge José Luis Calama has been investigating this alleged pyramid scam since 2021. This after accepting the inhibition of a court in Santa Cruz de Tenerife. In July of that year, Calama also opened a separate case for alleged crimes of money laundering and document falsification.

Read more: Learn about the most notable cryptocurrency scams in history

The investigation reveals that Arbistar offered automated systems for investing in cryptocurrencies through arbitrage bots. These bots were presented as infallible tools, capable of detecting the exact moment to buy on one platform and sell on another. As if that were not enough, they guaranteed high profitability, between 8% and 15%.

The investment proposal was promoted through a well-designed marketing strategy, with internet campaigns, events in hotels and the instrumental use of early investors to attract new participants. 14