An enormous 'narco-bank' providing financial services to gangsters in more than 20 countries across Europe has been taken down in a series of raids across Spain.
The huge operation took place across Malaga and Toledo on September 27, and involved more than 200 law enforcement officers at 21 separate locations; resulting in 32 arrests and the seizure of assets worth close to €3million.
According to Europol, the network consisted mainly of Syrian nationals providing services to criminal organisations involved in international drug trafficking. The gang, active since 2020, is believed to have laundered more than €300million per year.
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Officers from the Spanish Policía Nacional and tax agency Agencia Tributaria seized €428,205 in cash, 19 cryptocurrency accounts worth around €1.5million and 11 luxury vehicles, which added to €2.9million in cash already seized earlier in the investigation. The raids also resulted in the seizure of 1.2 tonnes of cannabis, 70kg of hashish and 995 cannabis plants.
Europol said organised crime groups could make payments, receive funds and even have their proceeds laundered by this internationally structured financial network.
Detectives found the Spanish city of Fuenlabrada appeared to be the centre of the underground bank. The investigation found the crooks their money laundering activities from a local restaurant where their customers would come to deposit or collect bulk cash.
Europol supported the investigation alongside Eurojust and the European Multidisciplinary Platform Against Criminal Threats ( EMPACT ).
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