By PAUL O’DONOGHUE, Senior Correspondent
POLICE coordinated by Europol arrested 17 people across Spain, Austria and Belgium in a takedown of an underground criminal banking network.
In a statement, European law enforcement agency Europol said it “supported the takedown” of a criminal parallel banking organisation with “multiple branches spread out across Europe”.
The arrests were carried out on 14 January 2025.
“A total of 17 individuals were arrested (15 in Spain, 1 in Austria, 1 in Belgium),” Europol said.
“A large amount of criminal assets worth over €4.5 million, 4 shotguns and several electronic devices were seized.”
Europol added: “The 17 individuals arrested are mostly of Chinese and Syrian nationality and are suspected of providing primarily money laundering services to criminals.
“This encompasses parallel banking services, illegal hawala banking, cash collection, cash courier services and the exchange of cryptocurrencies for cash.
“The money launderers were operational in at least two branches: one that catered largely to the Arabic-speaking criminal world and the other to criminal networks originating from China.”
The gang provided money laundering and related services to other criminal networks engaged in migrant smuggling and drug trafficking.
Europol said; “It is believed that over €21 million were moved by the criminal network.
“Advertising on social media, they reached a varied and international clientele.”
The seizures include:
- €206 000 in cash
- €421 000 in 77 bank accounts
- €183 000 in cryptocurrency
- 10 real estate items worth over €2.5 million
- 18 vehicles worth over EUR 207 000
- 4 shotguns and ammunition
- Phones and other devices
- Luxury consumables, watches, accessories, and jewellery
Europol added: “Examining the migrant smugglers’ phones, leads to the criminal network laundering illicit proceeds were found, thus kicking off this new investigation.”
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