Spanish Police Bust Suspected Crypto Fraud Operation That Allegedly Stole $540M From 5K Victims

Spanish police arrested 5 members of a suspected crypto fraud operation that allegedly laundered 460 million euros ($540 million) stolen from over 5,000 victims.

The bust, carried out by Guarda Civil, the armed wing of the nation’s regulation enforcement businesses, noticed three arrests from searches within the Canary Islands and two in Madrid on June 25.

The investigation was supported Europol, in addition to police forces from Estonia, France and the U.S.

The prison community raised funds by means of money withdrawals, financial institution transfers and crypto funds, Europol mentioned in a press release on Monday.

Investigators suspect the group of getting arrange a company and banking community out of Hong Kong to obtain, retailer and switch prison funds by means of accounts in numerous names and in numerous exchanges.

The investigation remains to be in progress, Europol added.