The European police agency Europol announced on Monday that it has busted a cryptocurrency investment fraud ring in Spain that investigators claim laundered 460 million euros ($540 million) through a global network of accomplices.
According to Europol, law enforcement agencies from France, Estonia, and the United States were also involved in the operation against the criminal network, which was led by Spanish police.
The operation resulted in five arrests, including two in Madrid and three on the Canary Islands.
The network allegedly employed associates worldwide to raise money through cash withdrawals, bank transfers, and cryptocurrency transfers, according to Europol, which has its headquarters in The Hague.
Investigators believe the group set up a banking and business network in Hong Kong, receiving, storing, and transferring illicit monies through user accounts and payment channels in several identities and exchanges.
Europol noted that the probe is still ongoing.
