Police have dismantled an international criminal network that earned €140 million through sophisticated Business Email Compromise (BEC) fraud involving investment scams and the substitution of corporate correspondence. The coordinated operation took place across three countries — Spain, Portugal, and Panama — and led to the arrest of four suspected organizers.
According to investigators, the group managed more than 800 bank accounts and 120 corporate accounts, using 67 intermediaries to facilitate the withdrawal and laundering of illicit funds. The criminals primarily employed the BEC scheme, in which fraudsters impersonate company executives or send forged invoices to convince employees to transfer money to attacker-controlled accounts under the pretext of legitimate business transactions.
Once received, the stolen funds were immediately dispersed across numerous accounts. These rapid chains of transfers passed through banks in multiple jurisdictions, deliberately complicating efforts to trace the ultimate beneficiaries. Law enforcement confirmed that at least €94 million moved through this laundering infrastructure.
Investigation and International Cooperation
The investigation began after authorities detected signs of money laundering linked to 19 related companies. Following the identification of the main suspects, police launched an international operation supported by Interpol and Europol.
Officers conducted searches at six locations in Barcelona, Girona, Tarragona, and Porto. During the raids they seized 15 computers and more than 170 smartphones, devices believed to have been used to orchestrate thousands of fraudulent transfers.
Authorities also froze €3 million in assets, which will be returned to victims. Law enforcement agencies consider the network fully dismantled and its principal organizers detained.
