Europol, the European Police Agency, announced that a cryptocurrency investment fraud ring that allegedly laundered €460 million (approximately $540 million) using a global network has been dismantled in Spain.
According to Europol’s statement on Monday, the operation was carried out by Spanish police, with support from security forces in France, Estonia, and the United States.
Five people were detained as a result of the operation; Three of them were arrested in the Canary Islands, and two in Madrid. Europol, based in The Hague, stated that the gang raised funds through cash withdrawals, bank transfers, and cryptocurrency transfers via accomplices worldwide. Authorities investigating the case suspect the criminal organization established a Hong Kong-based corporate and banking network and received, concealed, and transferred criminal proceeds through various payment systems and user accounts belonging to different individuals and exchanges.
