Dutch crypto CEO arrested after suspected fraud – spent millions on luxury products

On Monday, a 33-year-old man was arrested in Apeldoorn in the province of Gelderland in the Netherlands, suspected of fraud, counterfeiting and money laundering. Since 2017, the man was the CEO of two companies allegedly engaged in bitcoin mining where people could invest in computers.

But instead of buying mining computers, the man spent the money on luxury goods such as cars, motorcycles and travel, the Dutch newspaper de Gelderlander reports.

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€23 million

According to the authorities, approximately 100 people have invested a total of over €23 million in the man’s mining computers. Of this, the man himself allegedly earned at least €2 million.

In November last year, the police carried out a search in the man’s residence and found, among other things, several luxury products such as bags, shoes and a dirtbike, de Gelderlander reports.

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