Spanish police have arrested eight people in connection with the ‘Worship-like’ Crypto Trading Academy fraud.

Lorena’s daughter joined IM Academy when she was just 17 years old, investing in foreign exchange and cryptocurrencies.

But like hundreds of other young Europeans, Lorena’s daughter was caught up in what Spanish investigators now call the Pyramid, which was first discovered by Spanish’s Carlis Tamayo.

According to Maria Fernandez, spokeswoman for the Spanish National Police, the leaders of the organization used cult-like tactics to persuade young people to cut ties with their families and focus solely on the organization.

The leaders of the group seduced the youth by boasting of the luxuries they had acquired by changing their mindset to successful leadership.

Instead of hosting training materials related to financial education, IM Academy is just a collection of promotional videos.

Because they could not afford to stay at the academy, students were given money to bring in new members. Each time an individual is hired, they make a lot of money.

A former middle-class member told Euro News that he recruited up to 30 people, preached 14 hours a day, and tried to recruit new members.

It took him two years to realize that he was using the pyramid scheme as a tool.

Almost all members of the IM Academy are victims.

As a result, more than 60 households are currently receiving counseling from the Society for the Study of Religion and Sectarianism.

“People who promote such groups have a playbook on how to handle recruitment and customize recruitment,” said Juventus president Domingez.

“You do not know where you are going, because you are interested, you are vulnerable.”

Watch the video in the media player above for more on this story.

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