Spanish police have dismantled a large cybercrime and money-laundering network accused of stealing around €140 million (about $160 million) through investment scams and business email compromise (BEC) attacks.
The international operation resulted in the arrest of four suspects in Spain, Portugal, and Panama.
Investigators described the operation as being run on an industrial scale. The group allegedly controlled more than 800 bank accounts, 120 business accounts, and relied on 67 accomplices who acted as money mules to move and conceal stolen funds across multiple countries.
According to the investigation, at least €94 million was traced through the laundering network, while another €61 million was linked to business email compromise attacks carried out in 2024. The criminals reportedly used CEO impersonation and fake invoice scams to trick businesses into sending payments to bank accounts under their control.
The investigation began after authorities detected suspicious money-laundering activity involving 19 companies connected to the network. Working with Europol and Interpol, law enforcement agencies launched coordinated raids at six locations across Barcelona, Girona, Tarragona, and Porto, Portugal. Another suspect was arrested in Panama after allegedly continuing the operation from abroad.
During the raids, officers seized 15 computers and more than 170 smartphones believed to have been used to carry out thousands of fraudulent financial transactions. Authorities also froze €3 million (around $3.4 million) in criminal proceeds, which may be returned to victims.
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Spanish police say the money-laundering network has now been effectively dismantled, with its key operators taken into custody, marking a significant blow against one of the region’s largest cyber-enabled financial crime operations.
