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Malaga
Friday, 15 November 2024
The Spanish National Police force, in collaboration with the Dutch National Police, have seized 17 million dollars in cryptocurrency from scams and technological fraud. This is the largest confiscation of virtual currency in Europe connected to organisations involved in drug trafficking, according to a police statement.
The officers arrested three Dutch nationals, including the leader of the criminal group who is believed to have settled in Marbella in order to launder the money gained from the scams. He did this by purchasing high-value assets, both movable and immovable, which he registered in the names of third parties.
The main suspect, who changed his address weekly to make it harder to locate him, used instant messaging apps to advertise his services and gain the trust of his victims. They would send him transfers to convert their cryptocurrency into real money. The initial transfers were small amounts, which were successfully processed, allowing him to gain the victims' trust. Later, the amounts transferred would increase, at which point the organisation woul stop sending any real money.
The police stated that, during the operation, three searches were carried out - one in the Netherlands and two in Spain, specifically in the Malaga towns of Mijas and Marbella. As a result, over 850,000 euros in cash were seized, along with 16 luxury watches, a large number of mobile phones and jewellery valued at more than half a million euros.
The investigation began when officers discovered that an individual, after allegedly carrying out large-scale cryptocurrency scams, had moved to Spain to evade detection and attempt to launder the money gained through fraud. The inquiry then focused on his parents, who were believed to have assisted in laundering the elicit funds.
According to the police, the method used in the alleged scams was the so-called "Over the Counter" (OTC) method, which involves financial transactions that take place outside of the stock exchange, conducted directly between two parties. This type of transaction allows the parties involved to buy and sell assets directly, without public intermediaries, and they agree on the terms and prices privately.
The officers discovered that the scams had been carried out in several European countries, and that among the victims were members of international criminal organisations based on the Costa del Sol, whose leaders sought to launder the money obtained from their illicit activities.
The leader of the organisation would change his address weekly, moving between different holiday rental properties, and always carried the computer equipment needed to carry out his illegal activities, according to the police.
The investigators carried out a search in the Netherlands, where they found over half a million euros and a large amount of luxury items. Later, at a property owned by the main suspect's family, the officers discovered a safe containing 238,000 euros in cash, along with watches worth over 600,000 euros and numerous documents and mobile phones. They also found a large quantity of jewellery and designer clothing at the property, with the total value of these items potentially exceeding half a million euros.
The police investigation led to the leader's location in Marbella at the beginning of September, where he was arrested on suspicion of crimes against property. He was also found to be subject to a European Arrest and Extradition order. During the search of his property, officers seized watches, luxury items, and more than 16,000 euros in cash.
This is one of the largest cryptocurrency seizures in Europe from a single individual, linked to criminal organisations in drug trafficking.
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