Title: Criminal Investigation Opened into Globix Director Damian Carreras over €40M Ponzi Scheme in Gibraltar

Gibraltar Police Initiate Probe against Damian Carreras

• The Royal Gibraltar Police (RGP) have initiated a criminal investigation against Damian Carreras, the director of Globix, over suspected involvement in a €40 million Ponzi scheme.
• The investigation forms part of a wider inquiry into the activities of the Gibraltar-based company and reported losses for investors.

Suspects’ Whereabouts

• Damian Carreras, a Gibraltarian resident, is believed to be hiding in Barcelona.
• His co-suspects, Russian nationals Pavel Sidorov and Alla Babenko, reside in Alicante.
• Spanish authorities have not confirmed collaboration with the RGP on the investigation.

Good News for Investors

• This probe comes as welcome news for numerous investors who stand to lose substantial sums from the supposed scam.

Collected Investor Capital

• Carreras allegedly collected €25 million in investor capital.
• Some of the most affluent individuals in Gibraltar are among the investors.
• Notable investors include former Chief Minister Sir Peter Caruana, current Leader of the Opposition Keith Azzopardi, and the wife of the current Chief Minister, Justine Picardo.

Company Collapse and Legal Action

• The Globix crypto exchange collapsed in March, following publication of a scandal exposé in The Olive Press.
• Legal action is underway to recover the misappropriated funds.

Criminal Responsibility

• The police investigation will not affect the recovery process for missing funds.
• The RGP is concerned with the criminal responsibility of the individual under investigation concerning the Globix trading platform.

Suspect’s Denial Considered Unreliable

• In recent testimony, Carreras denied the “overwhelming evidence” that his company was a Ponzi scheme.
• Instead, he accused an Ukrainian IT company of stealing the platform from him.
• This explanation is viewed as “unreliable” by investigators.

Recovering Stolen Funds

• Law firms in both Madrid and Moscow have been retained by the liquidators to recover the stolen funds.
• Carreras’s wife faces potential legal action.

RGP and Spanish Police Cooperation

• The RGP declined to comment on the status of the investigation or collaboration with Spanish police.

Additional Reporting

• No place to hide: Net tightens on Globix ponzi fraudsters as liquidators target wife and line up lawyers in Madrid and Moscow
• Staggering: 5 tonnes of 87% pure cocaine with street values of a quarter of a billion euros seized in Alicante
• ‘The night in Marbella smells like cocaine’: Police target drug dealers in Puerto Banus raid after broad daylight uzi shootout