Spanish, Portuguese and Panamanian Police Dismantle €140M International Fraud and Money‑Laundering Network

An international police operation has broken up a major criminal network accused of carrying out large‑scale online fraud and laundering more than €140 million across Europe. According to the case file, “four people have been arrested… for investment platform scams, CEO fraud, fake invoices and Man‑in‑the‑Middle attacks, who managed the opening of 800 bank accounts and 120 companies.”

The coordinated action involved authorities in Spain, Portugal and Panama, with operational support from EUROPOL and INTERPOL. The investigation began when Spanish officers detected business activity that appeared legitimate but showed clear signs of money laundering.

Through bank‑account analysis, company‑formation reviews, surveillance, phone monitoring and international cooperation requests, investigators uncovered a sprawling structure involving nine individuals, 19 companies and dozens of “money mule” operators scattered across Europe.

The first phase of the operation targeted the group’s leadership. Police carried out searches in Barcelona, Girona, Tarragona and Porto, where the main suspect had relocated. Another key figure was arrested in Panama, where he allegedly ran what investigators described as a fully equipped financial‑fraud hub from his home.

The criminal network created more than 800 bank accounts to receive illicit funds from victims of online investment scams, business‑email compromise and other cyber‑enabled frauds. The money was rapidly dispersed through chains of mule accounts, making it difficult to trace. The document notes that “a financial flow exceeding €94 million has been confirmed,” in addition to €61 million stolen through CEO fraud in 2024.

To build the laundering infrastructure, the group relied on 67 foreign nationals who traveled to Spain to set up companies and open accounts across the country. When the main suspect moved to Portugal, Spanish and Portuguese authorities coordinated searches and arrest warrants through EUROPOL. Another senior member fled through several countries before settling in Panama, where he was later detained through an INTERPOL‑led operation.

During the raids, police seized more than 170 smartphones and 15 computers used to execute thousands of transfers. Officers also froze €3 million in fraudulent funds, which will be returned to victims.

Authorities say the operation has dismantled the network’s core structure and its international branches, ending a sophisticated laundering scheme that operated across multiple jurisdictions.