International police action busts crypto fraud network that victimized 5,000 and laundered 460 million euros.
The Guardia Civil, together with Europol and police services from Estonia, France, and the US, has arrested five members of a gang that has victimized more than 5,000 people worldwide. The criminal network is said to have laundered 460 million euros through crypto investment fraud.
Five Arrests
The operation took place on June 25. Three suspects were arrested in the Canary Islands, two in Madrid. Police searched five locations. Europol has supported the investigation since 2023 and sent a crypto specialist to Spain on the day of the police action. Cooperation with other countries played a major role in exposing the fraudulent practices.
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International Crypto Gang Busted in Spain
According to investigators, the gang used a global network of intermediaries to raise money. This was done through cash withdrawals, bank transfers, and crypto transactions. The money laundering allegedly took place via a business and banking network in Hong Kong. Payment gateways and accounts in the name of various individuals were used to move illegal proceeds.
Global Problem
The investigation was supported by the police of Estonia, the national gendarmerie of New Caledonia (France), and Homeland Security Investigations in the US. The case illustrates how large and, above all, global the impact of online fraud is.
According to Europol, online fraud is one of the biggest threats to the EU’s internal security. In the EU SOCTA report of March 2025, Europol mentions the growing role of AI as an accelerator of this form of crime. Also Belgian figures have long shown that internet fraud causes many victims.
Europol plays an important role in this context. In recent months and years, police services have achieved several successes, thanks in part to the support of the European service.