Spain's National Police have dismantled an international criminal organization accused of laundering approximately €140 million through sophisticated cyber fraud schemes targeting victims across Europe.
Four suspects were arrested in a coordinated operation spanning Spain, Portugal, and Panama. The suspects allegedly orchestrated a range of online financial crimes, including fake investment platform scams, CEO fraud, fake invoice schemes, and man-in-the-middle attacks.
The criminal network established a vast financial infrastructure consisting of more than 800 bank accounts and 120 companies to receive, move, and conceal illicit funds. Authorities also identified 67 foreign money mules who were recruited to help launder the proceeds of the fraud.
The investigation began after Spanish authorities detected what appeared to be legitimate business activity that showed signs consistent with money laundering. Police examined bank accounts, company registrations, financial transactions, surveillance records, telecommunications data, and international cooperation requests to uncover the full scope of the operation.
Police conducted six searches in the Spanish provinces of Barcelona, Girona, and Tarragona, as well as in Porto, Portugal, where the alleged ringleader had recently relocated. Two suspects were arrested in Portugal, one in Spain, and another in Panama.
Authorities said one suspect had moved from Spain to Portugal earlier this year. Another suspect reportedly fled Spain, traveling through several countries before settling in Panama, where he allegedly managed the group's financial infrastructure from a residence described by investigators as a ‘fraud management office.’
Police allege the organization received stolen funds from numerous victims through hundreds of bank accounts before dispersing the money through transfers designed to hide its origin.
Police have so far confirmed the movement of more than €94 million through the laundering network. Authorities also linked the gang to an additional €61 million stolen in 2024 through CEO fraud schemes.
To create the banking network, the group allegedly recruited European nationals who traveled to Spain, established companies, and opened bank accounts that were later used as mule accounts to process fraudulent proceeds.
During the raids, law enforcement officers seized more than 170 smartphones and 15 computers believed to have been used to execute thousands of fraudulent financial transfers. Authorities also froze approximately €3 million in suspected criminal proceeds during the operation.