Spanish police have announced the successful takedown of a major cybercrime and money-laundering organization, which orchestrated an elaborate scheme to defraud individuals and businesses of an estimated €140 million ($160 million). The operation, described as an “industrial-level scheme” by authorities, involved a complex network of at least 800 bank accounts, 120 business accounts, and 67 external accomplices acting as “money mules.” ### The Modus Operandi According to the police, the suspects established and managed a vast network of bank accounts to receive illicit funds from numerous victims. These funds were then immediately dispersed and concealed through chains of transactions, effectively laundering the stolen money through mule accounts in third countries. The investigation confirmed that €94 million ($107 million) was channeled through this network, with an additional €61 million ($69.5 million) linked specifically to **BEC** operations conducted in 2024. These **BEC** attacks, often referred to as “CEO fraud” or “false-invoice fraud,” leveraged social engineering tactics. Fraudsters impersonated high-ranking executives or suppliers to divert payments to bank accounts under their control. ### International Collaboration Leads to Arrests The investigation began after police detected signs of money laundering across 19 companies connected to the ring. Following the identification of key suspects, an international law enforcement operation was launched with the support of **Interpol** and **Europol**. Raids were conducted at six premises in Barcelona, Girona, and Tarragona in Spain, as well as in Porto, Portugal. In total, four individuals were arrested across Spain, Portugal, and Panama. Notably, two of the suspects had recently left Spain but continued to operate and support the cybercrime scheme from their foreign bases. ### Seizures and Frozen Assets During the raids, police agents seized 15 computers and over 170 smartphones, believed to have been instrumental in executing thousands of fraudulent transfers. Furthermore, €3 million ($3.4 million) in crime proceeds was immediately frozen, which will be made available to the victims of the cybercrime ring. Spanish police believe that the money-laundering network has been effectively dismantled, with all its main operators now under arrest.