Techub News reports that Europol has announced that the Spanish National Police, in collaboration with law enforcement agencies from Estonia, France, and the United States, has dismantled a cryptocurrency investment fraud gang that scammed over 5,000 victims worldwide. The operation resulted in the arrest of five individuals, three of whom were captured in the Canary Islands and two in Madrid. The criminal network laundered approximately $539 million (around €460 million) in illegal proceeds through fraudulent investment schemes.
Investigators discovered that the criminals operated a global network of associates to facilitate cash withdrawals, bank transfers, and cryptocurrency transfers, while also allegedly establishing companies and banking infrastructure in Hong Kong to manage criminal funds. This investigation, supported by Europol since 2023, highlights the growing threat of online scams, which Europol considers a significant risk to internal security within the EU.