Spanish police dismantle €140 million cybercrime network

Spanish National Police have dismantled a cybercrime network accused of stealing and laundering about €140 million through fake investment platforms, CEO fraud, invoice fraud, and man-in-the-middle attacks.

Four people were arrested as part of the operation: two in Portugal, one in Spain, and one in Panama.

The investigation began after officers identified 19 companies whose financial activity appeared consistent with money laundering rather than legitimate business activity.

Officers reviewed bank records, examined company registrations and account-opening procedures, conducted surveillance, used wiretaps, and worked with international partners to identify the people managing 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 gathering sufficient evidence, officers carried out raids at six locations in the Spanish provinces of Barcelona, Girona, and Tarragona, as well as in Porto, Portugal, where the suspected ringleader had relocated. A separate arrest in Panama was made with support from Interpol and local authorities.

So far, investigators have identified more than €94 million flowing through the network, in addition to the €61 million defrauded in 2024 through the CEO fraud scheme.

During the operation, officers seized more than 170 smartphones and 15 computers that were used to carry out fraudulent financial transactions. Additionally, €3 million in stolen funds were frozen and are meant to go back to victims.

The investigation remains ongoing as law enforcement agencies continue examining the group’s international links.