Spain-led operation targets underground ‘Dubai Bank’ money-laundering network
Twenty-one suspects have been arrested and assets worth around €20 million identified in an international investigation into an underground banking system allegedly used to finance major cocaine shipments and launder the proceeds of organised crime. Spain’s National Police have dismantled a financial network linked to a so-called ‘Dubai Bank’, an... The post Spain-led operation targets…
An international operation led by Spain has dismantled an underground banking system known as the 'Dubai Bank', which prosecutors allege was used to finance major cocaine shipments and launder the proceeds of organized crime. The investigation has resulted in 21 arrests and the seizure or freezing of assets valued at around €20 million.
The 'Dubai Bank' was not a legitimate financial institution, but rather an illicit money-transfer system that allowed criminal organizations to access large sums of money across different countries without using conventional international bank transfers. The network reportedly operated on a commission basis, with fees varying depending on the nature of the transaction. Cryptocurrency was also used to facilitate transactions and move value internationally.
Spanish authorities identified 48 properties valued at over €14 million, luxury vehicles worth more than €1.6 million, and 121 bank accounts containing €2.3 million during the investigation. The operation connected the financial network to four prominent suspected drug traffickers, including a Spaniard known as 'El Tigre', who remains at large.
Written by urgent.news from Spain in English's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
