Spanish Court to Invalidate Forex Scam Raids in Andorra

The Spanish National Court is poised to declare much of the investigation underlying the 'Forex case' invalid, potentially nullifying the six arrests and searches conducted in Andorra la Vella and Escaldes-Engordany in January 2021.

On 18 January 2021, Andorran police, supported by Mossos d'Esquadra, Guardia Civil officers and under Europol coordination, raided a chalet in the Sant Ermengol area of Andorra la Vella and a home in the Can Noguer neighbourhood of Escaldes. The operation targeted an alleged scam network promoting Forex trading courses. Those detained included Gonzalo Sapiña, a trader based in Andorra who had gained some public profile there. Most were released within days, often without charges.

The probe originated in Spain with preliminary proceedings opened on 12 January 2018 following a complaint from a Cerdanya resident against GSI-Markets LTD, a UK-registered firm operating via www.asimarkets.com. The complainant alleged fraudulent charges totalling €8,250 in 2018. Six further complaints followed, including one linked to a company associated with Sapiña, bringing total reported losses to €919,097 by a final filing on 29 September 2020.

Spanish authorities sent rogatory commissions to Andorra in March and April 2020, securing legal phone intercepts on Sapiña that yielded little. However, the core evidence justifying the raids—gathered after 30 July 2020—lacks validity, Spanish prosecutors have conceded in response to an appeal by a non-Andorran suspect. A required extension under Spain's Criminal Procedure Law (article 324 LECrim) was granted on 10 September 2021, over a month late following a prosecutor's 31 August request. All subsequent actions, including those in Andorra, could thus be ruled null.

The case shifted from Spain's La Seu d'Urgell court to the National Court after a Supreme Court ruling in September 2024 resolved jurisdiction disputes. In August 2025, Mossos and Guardia Civil reported to the new investigating judge that they had yet to analyse devices seized in Andorra, handed over on 22 January 2021 for Europol processing.

Andorra's investigating batlle, who authorised the raids, has issued multiple rogatory commissions—three via La Seu d'Urgell and one directly to the National Court in April 2025—seeking analysis reports. None have been answered. Sources close to the accused describe the operation as overhyped, with Spanish authorities allegedly exaggerating its scope to secure Andorran cooperation. A related Albanian call-centre takedown followed, but links to Andorra appear tenuous.

Europol has reportedly dismissed the Andorran evidence as unremarkable. Sapiña and associates, whose assets including bank accounts remain frozen, have sought case closure in Andorra. Vehicles seized were eventually returned after prolonged impoundment at a police lot in Les Boigues. The batlle declined pretrial detention in early 2021 and now awaits the National Court's appeal chamber ruling, which has voided similar lapsed probes, such as the Tsunami Democràtic case. A nullity declaration could allow archiving the Andorran proceedings.