Following an international investigation, a group that operated a” advanced money laundering services” and used crypto to transfer money between criminal businesses has been arrested.

Eurojust, which helps law enforcement agencies across the EU work, says 23 offenders have been arrested.

Cryptocurrencies worth$ 28 million have been frozen following the investigation, with about$ 8 million in cash seized following raids across the continent.

It’s estimated that the scheme laundered more than$ 100 million, and an investigation started in 2023.

Border authorities in Spain had discovered, according to Eurojust, that significant sums of money were being transported on visits to Cyprus. A little larger system was discovered as a result.

It’s believed that at least 52 people were people of the “professionally structured firm” across both Spain and Cyprus.

According to researchers, up to six money-laundering transactions were occurring each year, with large sums of money being transported on public transportation and commercial flights.

The group “worked with connections outside of their organization to liaise with clients and get the money to get laundered,” according to Eurojust. Their emails are linked to a number of global business entities, they say.

Spanish, Cypriot, and European regulators collaborated to end the ring, with Europol-certified experts assisting in the investigation of the movement of unlawful cryptocurrencies between wallets.

Lots of assaults therefore took place, with 20 arrests made in Spain, two in France and one in Slovenia.

Late last month, the U. K. National Crime Agency exposed a comparable program on a much larger size through” Operation Destabilize”.

After the disruption of Russian money laundering operations, more than 80 people were detained and$ 2.5 million in cash and crypto were seized as a result.

In that situation, digital resources were being used to spend in illegal businesses, enabling gangs to purchase weapons and weapons without using real money to cross borders.

Law enforcement agencies in various jurisdictions are then required to work together to stop criminal gangs because investigations frequently take years to complete due to the global character of crypto.

Daily Debrief Newsletter

Start every day with the best news stories right now, plus unique characteristics, a audio, video and more.

Share This Story, Choose Your Platform!