Juan José Benavides Velasco, a 30-year-old Colombian, recently found himself in handcuffs in Mendoza, Argentina. Authorities there arrested him, calling him the top boss behind “Daily Cop.” This cryptocurrency scam, a classic Ponzi scheme, reportedly tricked over 200,000 people.
The Argentine Federal Police made the arrest on August 26 at a home in Chacras de Coria, Mendoza. Benavides was the man they were looking for, believed to be the mastermind and main director of Daily Cop. He was caught thanks to an international order from the Municipal Criminal Court No. 2 of Cali, Colombia, which Interpol helped manage. Now, a federal court in Mendoza will decide his legal future and whether he’ll be sent back to Colombia to face charges. Argentine news outlets, like Infobae.com, confirmed the arrest, expecting him to be moved soon.
How Daily Cop Operated
Daily Cop kicked off in 2019, promising to be “the first Colombian cryptocurrency.” It lured investors with big promises of monthly returns, from 0.5% up to 12%. The company pushed hard with flashy ads and big events. This strategy pulled in roughly 200,000 investors. Most were from Colombia, but people in other Latin American countries also fell for the scheme. Even popular influencers like Elizabeth Loaiza and Yeferson Cossio promoted it, which later led them to speak with legal teams.
But Daily Cop was really just a Ponzi scheme. It used money from new investors to pay off earlier ones. This kind of setup can’t last forever. When new cash stopped flowing in, the whole thing fell apart.
The Numbers Behind the Scam
Colombia’s Attorney General’s Office believes Daily Cop illegally moved about COP $126.702 million between 2019 and 2022. That’s roughly USD $31.7 million. Benavides Velasco faces serious charges, including conspiring to commit crimes, getting rich illegally, and laundering money. Investigators say the money moved through a complicated web of companies in Colombia, the United Kingdom, and Estonia. This setup was meant to make the money look legitimate and help clean funds linked to drug trafficking and other illegal acts. The Cali Prosecutor’s Office stated that Daily Cop “served to cover up money laundering operations related to serious crimes and the diversion of resources through international companies.”
What They Bought and Who Else Was Involved
A lot of the stolen money went into luxury homes, fancy cars, and other expensive assets. These purchases didn’t match the legal income the people involved reported.
Other people are also named in the investigation. Sebastián Betancourt is said to be a co-founder. Carolina Granada Hernández was the legal representative for one of the companies used in the scheme. Luis Fernando Adams Suárez and Gloria Izquierdo López were also linked to the group of companies supporting the operation.
Political Echoes and International Connections
The Daily Cop story got even bigger with political claims. In September 2024, Ómar Hernández Doux-Ruisseau, CEO of Spartan Hill, stated that Daily Cop funds might have paid for private flights during Gustavo Petro’s 2022 presidential campaign. Petro and his campaign manager, Ricardo Roa, quickly denied any connection. Still, the claim led to initial investigations by the Accusation Committee of the House of Representatives in November of the same year. No direct financial link between Daily Cop and the political campaign has been proven yet, but the case is still open.
The Curious Kidnapping Story
In 2022, Benavides claimed he and his family were kidnapped in Buenos Aires. His captors demanded USD $10 million. Interestingly, that amount matched what Daily Cop had lost in its cash reserves that year. Nobody ever proved if it was a real kidnapping or a fake one, but the incident raised questions about where the funds went. After this, Benavides entered the Witness and Victim Protection Program. He told Clarín newspaper that he had no ties to criminal groups like Clan Úsuga or Los Urabeños, which were mentioned in the case files.
For now, the legal process in Argentina will keep moving forward to decide if Benavides will be extradited. Meanwhile, Colombian authorities are still trying to figure out the full size of the scam, find the missing money, and hold everyone involved accountable.