A major international cybercrime operation has been disrupted after Spanish National Police dismantled a criminal network accused of stealing and laundering approximately €140 million through multiple online fraud schemes.
The network allegedly used fake investment platforms, CEO fraud, invoice fraud and man-in-the-middle attacks to target victims. As part of the operation, 4 individuals were arrested, including 2 in Portugal, 1 in Spain and 1 in Panama.
The investigation began when authorities identified 19 companies whose financial activities appeared linked to money laundering rather than legitimate business operations. Investigators reviewed banking records, examined company registrations and account-opening procedures, conducted surveillance operations, used wiretaps and coordinated with international agencies to track the individuals behind the network and the money mules used to move stolen funds.
“The suspects created and managed a network of over 800 bank accounts into which they received significant amounts of illicit funds defrauded from numerous victims,” police said.
“This money was immediately dispersed and concealed in another network of bank accounts, generating a chain of transactions that protected the criminal capital.”
After collecting sufficient evidence, authorities carried out raids at 6 locations across the Spanish provinces of Barcelona, Girona and Tarragona, as well as in Porto, Portugal, where the suspected ringleader had relocated. A separate arrest was also made in Panama with support from Interpol and local authorities.
Investigators have so far traced more than €94 million flowing through the network, in addition to €61 million allegedly obtained through a CEO fraud scheme during 2024.
During the operation, law enforcement officials seized more than 170 smartphones and 15 computers believed to have been used for fraudulent financial activities. Authorities also froze €3 million in stolen funds, which are intended to be returned to victims.
The investigation remains active as authorities continue examining the group’s international connections and wider operations.
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