Europe’s police arrested 17 individuals in January after dismantling a large crypto laundering ring. The suspects are accused by the authorities of assisting criminals based in China and the Middle East to launder more than 21 million euros through cryptocurrency.
The arrests occurred on January 14, 2025, in Spain, Austria, and Belgium. Spain witnessed fifteen arrests, and one arrest was made in each of the remaining two countries.
This network operated what investigators describe as a “mafia crypto bank.” The gang offered illicit bank and money transfer services. The criminals utilized their assistance to conceal proceeds from migrant trafficking and drug trafficking. According to the police, the gang had distinct operations for Arabic-speaking and Chinese crime syndicates.
Europol follows crypto crime trail
Law enforcement started following the group after cracking down against migrant smugglers in 2023. They discovered evidence through the phones of the smugglers. They led them to the bigger financial operation that managed the cash for the smugglers. Europol has assisted the new inquiry since the outset.
Financial crime fighters joined the national police. They traced the money and coordinated the action. On the raid day, Europol paid for investigators from Spain to travel abroad. They also dispatched their own investigators to assist the locals.
The officers raided dozens of places and confiscated assets valued at over 4.5 million euros. Some of the assets confiscated include cash, cryptocurrency, properties, cars, guns, high-end items, and over 70 bank accounts. The police discovered 206,000 euros in cash and over 180,000 euros worth of cryptocurrency.
Crypto network assets seized across Europe
They also froze 421,000 euros spread over bank accounts. Ten properties worth 2.5 million euros and 18 cars worth over 200,000 euros were confiscated by the officials. They also took four shotguns, ammunition, telephones, and high-value items such as watches and jewelry.
The suspects are accused of committing crimes related to illicit banking activities, such as hawala trade, cash pick-ups, and cryptocurrency conversions. The network used social media to target customers and collaborated with large crime syndicates, according to officials.
The operation has been dubbed one of the most significant actions against financial crime over the last few years by Europol. The case is under EMPACT, the EU’s crime framework. It specializes in cross-border crime threats from organized crime. The dismantling of the crypto bank represents a significant milestone against digital money laundering within Europe.
