Spanish police dismantle fraud network on suspicion of laundering millions in cryptocurrencies

Crime

The investigators have managed to trace 1.5 million euros, with estimated economic losses exceeding four million

S.V.

Spanish police have dismantled an international cybercrime network accused of running large-scale scams, selling stolen customer data and laundering the profits through cryptocurrency and luxury assets. Investigators traced around 1.5 million euros in cryptoassets and linked the group to financial losses of more than four million euros.

According to sources, the National Police carried out the operation alongside German police and under the coordination of Europol. They arrested three of the alleged ringleaders and carried out searches in Spain and France.

The network allegedly operated under the so-called Crime-as-a-Service model, supplying other criminals with software tools and stolen banking credentials to carry out fraud on an international scale. The suspects then allegedly laundered the proceeds through cryptocurrency transactions and the purchase of luxury goods.

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Investigators launched the operation in 2022 after identifying a criminal organisation operating across several EU countries, including Spain, France, the Netherlands, Austria and Germany, as well as maintaining links to other countries worldwide.

According to the police, the network obtained confidential banking data through phishing and smishing campaigns: fraudulent messages designed to trick victims into revealing personal and financial information.

The organisation then stored the stolen data on restricted platforms under its control before selling banking credentials and personal data to other cybercriminals. Investigators believe the network built a sophisticated criminal infrastructure specifically designed to support fraud carried out by third parties.

Through encrypted messaging channels, the suspects allegedly sold access to so-called phishing kits, which included control panels containing victims' banking details and login credentials. This allowed other criminals to carry out scams in exchange for a commission.

The network also directly carried out real-time phishing campaigns that obtained the banking credentials of more than 2,000 customers of German banks. During the investigation, the police uncovered several cyber panels storing thousands of pieces of sensitive data.

International branches

The organisation allegedly maintained international links, including connections in Morocco and to investigations under way in the US. Some of the suspects had reportedly previously faced arrest by the FBI during operations in other countries.

International police and judicial cooperation led to raids in Spain and France and to the arrest of three alleged key members of the organisation. The police searched properties in Barcelona and Sitges in Catalonia, as well as in Paris and Nice.

Economic losses

According to the police, the detainees managed the technological infrastructure behind the operation and possessed advanced technical expertise gained through university studies in Europe.

To do this, they used cryptocurrencies and acquired movable and immovable property to conceal the illicit origin of the funds.

The ivestigators traced approximately 1.5 million euros across different digital wallets. Authorities requested international freezing orders on those assets through police cooperation mechanisms involving several countries.

Throughout the investigation, the police linked the operation to economic losses exceeding four million euros. However, investigators believe the real figure could be "considerably higher" because many victims in different countries may still not have reported the offences.

The operation also led to the freezing of bank accounts, the seizure of luxury goods, including high-end vehicles, and the confiscation of digital evidence.

The suspects face allegations of aggravated fraud, money laundering and membership of a criminal organisation. The police say the investigation remains open, without ruling out further arrests.