Europol, European Union (EU)’s law enforcement agency, has conducted an inter-governmental raid and exposed a complex network of bankers allegedly involved in crypto crime. According to Europol officials, these fraudulent actors were involved in large-scale money laundering operations for criminal activities including drug trafficking, weapons smuggling, among others.
The main goal behind the operation was to stop the hidden financial services that supported criminal groups across Europe and beyond. In this operation, Nine suspects were arrested. The suspects were experts in banking services.
Europol’s united operation has covered six countries. The operation involved teamwork between experts in organized crime and financial investigations. Authorities have enclosed a total of €25 million in cryptocurrencies. €35,000 in cash and other valuable assets like gold and luxury goods were also found. This operation has chased the same efforts as in previous Operations like GORGON and WHITEWALL, focusing on the financial networks of international crime groups.
The findings led to Europol-coordinated action day, in Malaga, Spain. Law enforcement agencies from Belgium, Bulgaria, the Netherlands, and the United States also worked together on it. They carried out a coordinated strike against the underground fraud bankers. Europol and its members have confused the financial networks supporting crimes like drug trafficking, contract killings, and arms smuggling.
These efforts of Europol have weakened the financial infrastructure of organized crime groups. Their ongoing effort shows the importance of intelligence sharing and international cooperation in fighting against crime.
