European police body Europol announced on Monday that a cryptocurrency investment fraud ring had been dismantled in Spain. The operation, led by Spanish police, involved law enforcement agencies from France, Estonia, and the United States.
The criminal network allegedly laundered 460 million euros ($540 million) using a worldwide network of accomplices. Five individuals were arrested during the operation, with three detained on the Canary Islands and two in Madrid.
According to Europol, the network used associates globally to raise funds through various means, including cash withdrawals, bank transfers, and crypto-transfers. Investigators suspect that the organization established a corporate and banking network based in Hong Kong, utilizing payment gateways and user accounts in different names and exchanges to receive, store, and transfer illicit funds.
The investigation is ongoing, Europol reported. The operation highlights the international cooperation among law enforcement agencies in combating complex financial crimes involving cryptocurrencies.
