Spanish police arrest five suspected of crypto fraud, allegedly suspected of money laundering of 460 million euros (US$540 million) Stealed from over 5,000 victims.
The bust carried out by the armed wing Guadal civil department of the country’s law enforcement agency, three people were arrested in a search in the Canary Islands on June 25, and two people arrested in Madrid.
Investigation has been supported by Europol, as well as police forces from Estonia, France and the United States
Criminal networks raise funds by withdrawing cash, bank transfers and crypto payments, Europol said in a statement on Monday.
Investigators suspect the organization has established a network of companies and banks from Hong Kong to receive, store and transfer criminal funds through accounts with different names and different exchanges.
Europol added that the investigation is still underway.
