Major Underground Banking Network Dismantled Across Six Countries

Law enforcement authorities from six countries have successfully dismantled a significant underground banking network in Europe, accused of laundering profits from drug trafficking and other severe crimes. The coordinated operation resulted in nine arrests and the seizure of €27 million in cryptocurrencies, alongside €35,000 in cash, gold, and luxury goods.

The operation, spearheaded by EU law enforcement agency Europol, drew upon findings from two earlier investigations—Operation GORGON and Operation WHITEWALL—and was conducted in collaboration with Spain’s Guardia Civil, as well as law enforcement agencies from Belgium, Bulgaria, the Netherlands, and the United States.

The culmination of years of investigative work took place on November 4 in Malaga, Spain, with Europol describing the event as a decisive blow against financial networks engaged in “crime as a service.”

The Investigation Unfolds

The case dates back to 2021, when authorities uncovered a paper trail on euro banknotes following a cash seizure tied to cocaine trafficking. Handwritten notes on €5 bills revealed critical details about financial coordinators within the drug network. This discovery ultimately led Europol to a British national who was operating underground banking services for a Spain-based criminal organization connected to a wider Dubai-based network.

The British suspect was arrested in September 2022, marking a significant breakthrough in the investigation. Following this arrest, Europol conducted extensive analysis to identify additional suspects and map the broader criminal network. Intelligence gathered during this phase was shared with partner agencies, enabling further action.

A Digital Trail of Crime

Investigators found that the network relied heavily on cryptocurrencies to move large sums of illicit funds, a method increasingly used in digital money laundering across Europe. Europol linked this aspect of the operation to Albania-based criminals, underscoring the growing prevalence of cryptocurrency in facilitating financial crimes.

“During the action days, Europol deployed specialists and analysts to the raids, where they provided expertise in organised crime, financial crime and asset recovery,” Europol stated.

Cryptocurrency experts and cyber specialists were on hand to support the operation. They utilized mobile offices at the raid sites and leveraged Europol’s digital forensic and investigative capabilities from its headquarters to enhance the operation's effectiveness.

A Coordinated Global Effort

This recent crackdown was the result of a concerted, multi-national effort to disrupt complex financial networks that provide services to organized criminal enterprises. Europol highlighted the significance of the operation, noting that it represented a broader initiative to target the infrastructure that enables large-scale illicit activities.

The outcome of the operation demonstrates the ability of international agencies to coordinate effectively and leverage advanced forensic and digital tools to combat increasingly sophisticated criminal networks. The investigation remains a benchmark in the fight against financial crime in Europe, with law enforcement agencies continuing to target similar networks across the region.

By fLEXI tEAM