Spain uncovers crypto fraud ring with €460 million turnover
Date: 2025-07-01 Author: Henry Casey Categories: IN WORLD
In Spain, an operation against an organized group that was engaged in illegal investments in cryptocurrencies and managed to bring about €460 million, equivalent to about $540 million, out of the shadows has been completed. This was reported by Europol, noting that the investigation is ongoing.
The investigation was made possible thanks to the coordinated work of the Spanish National Police, as well as law enforcement officers from France, Estonia, and the United States. As a result of the police actions, five members of the group were detained. Three of them were arrested in the Canary Islands, and two more were taken into custody in Madrid.
According to Europol, the fraudsters have built an extensive network of accomplices around the world. They used various schemes to transfer and cash out funds: they resorted to bank transfers, withdrew large sums in cash, and also actively used cryptocurrency transfers. For this, numerous front men and fictitious accounts were involved.
The key link in the scheme was the structure created in Hong Kong. There, the criminal network organized corporate and banking channels to legalize income. Money was received through payment services, as well as through exchanges, where accounts registered under fictitious names were used for transactions.
The Europol Center, located in The Hague, emphasized that the liquidation of this network is only part of a large-scale investigation. According to the agency's representatives, the investigation will continue to identify all participants and possible new connections that may have remained outside of Spain.
Such cases emphasize that cryptocurrency continues to be a convenient tool for covert transfers and complex money laundering schemes. The authorities of the EU and other countries are increasingly faced with the need to pool resources to combat transnational fraudulent groups.
Experts note that combating such crimes requires constant data exchange between different countries and rapid coordination of actions. This is especially relevant in the era of digital assets, where borders are erased and transfers are made in a matter of seconds.
The investigation into the operation aimed at fully disclosing the channels of movement of funds is not yet complete. Europol promised to keep the public informed of further steps and new details as the investigation progresses.
