According to PANews, Europol has announced the successful dismantling of a cryptocurrency investment scam network in collaboration with the Spanish Civil Guard and law enforcement agencies from Estonia, France, and the United States. This operation targeted a criminal group responsible for defrauding over 5,000 victims worldwide.
The coordinated effort led to the arrest of five individuals, with three apprehended in the Canary Islands and two in Madrid. The criminal network is believed to have laundered approximately $5.39 billion (around 4.6 billion euros) through fraudulent investment schemes.
Investigators uncovered that the criminals operated a global network of associates to facilitate cash withdrawals, bank transfers, and cryptocurrency transactions. Additionally, they allegedly established companies and banking infrastructure in Hong Kong to manage the illicit funds.
Supported by Europol since 2023, this investigation highlights the growing threat of online scams, which Europol considers a significant risk to internal security within the European Union.