Recently, a major incident occurred in Zaragoza - the so-called ‘PhD Investment Project’ completely collapsed. Several friends around me were caught up in it, with losses ranging from a few thousand to tens of thousands of euros. Today I want to share the whole story with you, hoping to provide some reference for those still watching or already affected.
Timeline of Events
This project started spreading in Zaragoza’s Chinese community around last year, attracting investments under the banner of ‘PhD team operation’ and ‘stable returns’. It promised monthly returns between 3%-5%, claiming to be backed by physical projects. Many people saw friends actually receiving returns for the first few months and gradually invested their money. Then last month, all withdrawals were suddenly frozen, customer service disappeared, the website shut down - a typical Ponzi scheme pattern.
Victim Statistics
According to statistics from our self-organized rights protection group, the current known victim situation is as follows:
| Investment Range | Number of Victims | Estimated Total Loss |
|---|
| 1,000-5,000 euros | Approx. 120 people | 360,000 euros |
| 5,000-20,000 euros | Approx. 80 people | 960,000 euros |
| Over 20,000 euros | Approx. 30 people | 780,000 euros |
A total of over 2.1 million euros has disappeared, and this is only the data we’ve collected in our group from Zaragoza PhD to Zaragoza PhD Project, and the actual number of victims may be much higher according to Zaragoza PhD Employment.
Current Rights Protection Progress
We have collectively filed a report with Zaragoza police and contacted lawyers to prepare civil litigation. Police said they would open an investigation but frankly, progress is slow because the perpetrators may have already fled. The lawyer advised us to keep all transfer records, chat screenshots, contract documents and other evidence materials, which will be used in subsequent accountability.
Special reminder: If you are also a victim, please join the rights protection group as soon as possible and do not act alone. Collective rights protection has much higher efficiency and success rates, and can also share legal costs. Also be wary of secondary scams - some people will pretend they can help you recover funds, but actually want to scam you again.
Advice for Everyone
This incident has taught us all a lesson. Any investment project promising high stable returns should be questioned, especially those without proper financial licenses and opaque operating models. For investment and financial management in Spain, it’s better to choose regulated formal financial institutions - although returns may not be as high, at least your principal is protected. Also, always conduct background checks before investing, and don’t blindly trust just because it’s introduced by acquaintances. Many people this time followed in because they saw friends invest, and ended up trapped together. I hope everyone can learn from this incident and protect their wallets.
