tl;dr
Spanish police, with Europol and Eurojust, dismantled a major underground crypto banking network laundering over €20 million for organized crime groups from China and the Arab world. The operation involved raids across Spain and Belgium, resulting in 17 arrests, with 15 in pretrial detention on char...
Europol and Spanish police have dismantled a major crypto-based money laundering network operating across Europe, arresting 17 suspects and halting the laundering of over €20 million for organized crime groups from China and the Arab world.
The operation involved simultaneous raids in Spain and Belgium, targeting an underground crypto banking network described as one of Europe’s largest clandestine financial systems. This network facilitated illicit money movement through sophisticated cryptocurrency transactions coupled with physical cash transport methods.
The investigation revealed two key factions within the organization: an Arab group managing international transfers and a Chinese group collecting domestic cash. Both factions used complex crypto transactions to evade detection, disguising their services as legitimate remittance businesses advertised on social media.
Authorities seized €205,000 in cash, €183,000 in digital assets, luxury vehicles valued over €200,000, properties worth more than €2.5 million, encrypted devices, designer handbags, and premium cigars purchased with illicit funds.
This case highlights the growing trend of crypto-related crime in Spain and exposes the significant challenges that law enforcement faces in tracking cross-border digital assets and combating crypto-enabled financial crime.
The investigation, led by Spanish judicial authorities with the support of Europol and Eurojust, remains open as officials continue to analyze digital evidence and financial records to uncover additional collaborators involved in the operation.