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Cryptocurrency Fraud Ring Busted in Spain After Laundering US$540 Million, Europol Says
- On June 25, 2025, Spanish authorities apprehended five suspects connected to laundering $540 million in illicit cryptocurrency gains during operations carried out across locations that included Madrid and the Canary Islands.
- The arrests were made following a police operation initiated in early June targeting groups responsible for online fraud and illicit financial transactions.
- The investigation involved Europol and law enforcement agencies from Estonia, France, and the United States, revealing a worldwide network using corporate and banking structures in Hong Kong.
- Europol characterized these schemes as having an unmatched scale and scope, cautioning that online fraud is likely to become the most prevalent form of organized fraud in the near future.
- To date, law enforcement has arrested 93 individuals and shut down 12 illegal call centers, indicating sustained efforts to combat extensive cyber-enabled financial crime.
65 Articles
65 Articles
Twelve illegal call centres face closure
The National Cyber Crime Investigation Agency (NCCIA) has intensified its efforts against cyber fraud and digital money laundering through a targeted campaign titled Operation Grey. Over the course of a month-long crackdown, the agency has shut down 12 illegal call centres and arrested more than 90 individuals, including foreign nationals. According to officials, these illicit operations were using call centres as a front to carry out internatio…
Since 17 November 2024, four men from Salzburg's Flachgau and neighbouring Upper Austria have transferred amounts in the six-digit euro area to an acquaintance. He was supposed to increase the money on crypto platforms. 27-year-old Straßwalchner pretended to be active in the trading scene. The four men aged 24 to 27 trusted that he could increase their money. Until now, no payment has been made, no trace of the suspect is missing. That is why th…
The institution led by Laura Codruzia Kovesi, the European Park (EPPO), has reached the Bucharest Tribunal with a criminal file, accusing three persons - including one of the alleged leaders - of a fraud of EUR 100 million involving European and national funds.
Cryptocurrency fraud ring busted in Spain after laundering US$540 million, Europol says
A cryptocurrency investment fraud ring that investigators said laundered 460 million euros (US$540 million) using a worldwide network of accomplices has been dismantled in Spain, European police body Europol said on Monday.
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