Europol backs Spain in dismantling crypto crime ring
The criminal gang allegedly laundered €460 million through a network of fake companies and digital wallets.
Spanish law enforcement, supported by Europol and agencies from Estonia, France, and the United States, arrested five individuals on 25 June 2025 linked to a global cryptocurrency investment scam. The operation uncovered a vast fraud network responsible for laundering around €460 million taken from over 5,000 victims worldwide.
The suspects were detained following coordinated raids in Madrid and the Canary Islands. Authorities conducted five property searches in total.
Europol has been assisting with the case since 2023, providing technical expertise, financial crime analysis, and on-site support during the final phase of the investigation.
The group allegedly operated through a vast web of international sales agents facilitating fund collection via cash, wire transfers, and cryptocurrencies.
The criminal operation reportedly maintained a corporate and banking structure based in Hong Kong, using shell companies and various digital accounts under false identities to move illicit funds.
Online fraud remains a critical threat to EU security, and Europol warns that it is rapidly growing in scale and complexity. According to Europol’s latest threat report, the rise of AI-powered deception tools is expected to fuel the spread of cyber-enabled fraud further.
Would you like to learn more about AI, tech and digital diplomacy? If so, ask our Diplo chatbot!