Spanish authorities have arrested the alleged ringleader of a crypto pyramid scheme that conned more than 3,000 victims out of €260 million ($300 million) with the promise of 20% annual returns.

Álvaro Romillo Castillo, who goes by the pseudonym “Cryptospain,” was arrested on Thursday and denied bail due to him being considered a flight risk ahead of a scheduled court appearance on Friday.

Castillo allegedly led the Madeira Invest Club, a so-called “private investment club” that offered investors opportunities in real estate, expensive whiskey, high-end vehicles, yachts, gold, and crypto while dangling the carrot of guaranteed returns.