The National Police of Spain revealed today that it executed an operation in which an international criminal network has been dismantled that bleached more than 102 million euros from online investment scams in cryptocurrencies and other instruments.
The operation was carried out by agents of the National Police belonging to the unit assigned to the Special Prosecutor’s Office against Corruption and Organized Criminality, under the coordination of Eurojust, the support of Europol and the participation of authorities of Portugal, Italy, Romania and Bulgaria.
This It resulted in the arrest of three people in Spainone in Portugal, one in Romania and another Bulgaria, as well as five home and corporate records. One of the main investigated, resident in Portugal, was located in Barcelona by Spanish agents.
In addition to the six people arrested, an international arrest warrant was issued against one of the investigated who could not be arrested in Italy.
The action allowed the seizure of 50 bank accounts in the national territory and 33 in other countries in Europe. In addition, virtual coins have been intervened worth $ 80,000, along with $ 20,000 and 10,700 euros in cash. And six pieces have been seized in standardized gold bullion format, silver coins and various pieces of jewelry.
As detailed release Police, the criminal organization had created a framework of fictitious societies and fraudulent platforms to capture victims in at least 30 countries.
The investigation began three years ago, in October 2022, after a complaint by the Lithuanian authorities, which warned of the use of a financial platform to channel funds from scams. From that moment on, a joint research team led by Spain with the support of Lithuania was formed, which Portugal, Italy, Romania and Bulgaria joined under the coordination of Eurojust and Europol analytical support.
The analysis revealed that The criminal network had been operating since 2019 Through fraudulent investment platforms, known as “financial chiringuitos”, causing damage to thousands of victims in more than thirty countries in Europe.
The money they captured with fraud made Bitcoin and USDT
The modus operandi consisted of capturing investors Through professional websites and false investment managers, which offered unreal profitability in cryptocurrencies, foreign exchange or technological products.
The criminal organization had Teleoperators who, under apparent professionalism, gained the confidence of the victims to induce bank transfers to accounts in the name of screen companies. These societies, in reality, lacked economic activity and only served as fraudulently obtained capital.
Once the criminal organization received the funds, They were immediately fractionated and sent to cryptocurrency exchanges where they were converted to Bitcoin (BTC) and the main stablecoin that maintains the same price as the US dollar, Tether (USDT). Then, they were referred to controlled addresses by the organization itself.
The fraud volume is 102.9 million eurosof which more than 12.2 million originates in victims resident in Spain. This figure is based on verified bank movements and cryptoactive traceability, although it is estimated that real losses can be even greater due to victims who have not denounced.
The Spanish Police have also dismantled other fraud networks with cryptocurrencies, either by offering false investments or using these assets to store the funds captured, as reported by cryptootics in multiple reports.
The case recalls the importance of thoroughly investigating any investment entity before linking to confirm if legitimacy and avoid falling into fraud networks.