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Nearly nine months after the Guardia Civil arrested him at a routine road block a few weeks after he moved to the peaceful hamlet of Maro, the High Court has upheld Javier Biosca’s appeal and released him from custody on bail of one million euros. Biosca is accused of committing cryptocurrency fraud via the Algorithmics group. He will have to appear before court every 15 days, hand over his passport to the authorities, notify them of any change of address and is not allowed to leave Spain.
The judges and prosecutor agree that there is little or no danger of any evidence in the case being destroyed or altered because the investigation has progressed so far by now, and they believe there is much less likelihood of him fleeing from justice now that there was at the time he was sent to prison as a preventive measure.
“Given that he has family here and his address is known, we believe the risk of flight can be minimised through other less restrictive measures,” the court document said. “There are no elements to conclude that releasing him could endanger the legal assets of the victims of the case, nor the investments in the virtual currency”.
Biosca is accused of continued fraud, misappropriation and misrepresentation in public documents, offences perpetrated via the Algorithmics Group, capturing private investors who wanted to obtain high interest rates in the cryptocurrency market from 2019 onwards. The court began to investigate following complaints filed by individuals and the Association of People Affected by Bitcoin Investments against the Biosca ‘clan’ and Algorithmics Group, the company created by the broker through which he had carried out the fraud.
The Association, which calculates that there are about 300 victims of fraud totalling more than 100 million euros, says that Biosca and his family created the cryptocurrency investment business in 2019, but it was never registered with the National Securities Market Commission.
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