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Spanish Authorities Bust Cryptocurrency Investment Scam Ring, Involving Over $500 Million
Summary: According to reports, the European law enforcement agency announced that Spanish National Police, in collaboration with law enforcement agencies from Estonia, France, and the United States, have dismantled a cryptocurrency investment scam ring that defrauded over 5,000 victims worldwide. The operation resulted in the arrest of five individuals, with three captured in the Canary Islands ...
According to reports, the European law enforcement agency announced that Spanish National Police, in collaboration with law enforcement agencies from Estonia, France, and the United States, have dismantled a cryptocurrency investment scam ring that defrauded over 5,000 victims worldwide. The operation resulted in the arrest of five individuals, with three captured in the Canary Islands and two in Madrid.
It is reported that the criminal network laundered approximately $539 million (around 460 million euros) in illicit proceeds through fraudulent investment schemes. Investigators found that the criminals operated a global network of associates to assist with cash withdrawals, bank transfers, and cryptocurrency transactions, while allegedly establishing companies and banking infrastructure in Hong Kong to manage the criminal funds. This investigation, supported by the European law enforcement agency since 2023, highlights the growing threat of online scams, with the agency considering it a significant risk to internal security within the European Union.
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Link: Spanish Authorities Bust Cryptocurrency Investment Scam Ring, Involving Over $500 Million [Copy]
