23 Mar, 2021 @ 15:45
1 min read

Police in Spain smash nationwide fake Euro note gang that laundered bogus money via banks

Police In Spain Smash Nationwide Fake Euro Note Gang That Laundering Bogus Cash Via Bank Accounts

AN 18-month operation to bring down a Spanish counterfeit currency gang that laundered fake cash via banks has produced 37 arrests.

The Policia Nacional, the Guardia Civil, and EUROPOL joined forces to collar the group that concentrated on making €500 bills and putting them into circulation by opening up bank accounts.

The fake notes were detected around the Costa Blanca; Almeria; Barcelona; Granada; Sevilla; and Valencia areas.

Investigations started in October 2019 with reports of several counterfeit €500 notes appearing in Granada Province, and then right across the Andalucia region.

The police probe revealed that one of their suspects travelled all the way from Santa Pola on the Costa Blanca to Sevilla to use 170 of the high-value bogus notes.

The man deposited the dud bills into ATMs as a key part of their plan to swap them for legitimate currency.

Paid ‘mules’ were hired by the gang to open up bank accounts which were filled up by the fake notes being deposited into ATMs.

Withdrawals or transfers of the ‘real’ cash were then made from the accounts.

The police said that their investigation was ‘very complex’ as the gang took security measures to try to prevent them from being detected and arrested.

The arrests across Spain has seen charges of committing crimes of criminal organization; document falsification; making counterfeiting currency: fraud: money laundering: and a crime against public health after drugs were discovered in one of the police raids.

16 addresses were visited with 402 bogus €500 notes seized along with €12,000 in bitcoin and €32,000 in genuine cash.

The investigation remains open with police not ruling out further arrests.

Alex Trelinski

Alex worked for 30 years for the BBC as a presenter, producer and manager. He covered a variety of areas specialising in sport, news and politics. After moving to the Costa Blanca over a decade ago, he edited a newspaper for 5 years and worked on local radio.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Tourists arrive in Spain Coronavirus airport
Previous Story

Spain lifts ban on travellers from UK

The New Vaccine From The Manufacturer Johnson & Johnson Has Been Approved In The Usa.
Next Story

‘FOURTH-WAVE’ coronavirus fears in Spain as single-shot Johnson vaccine supplies are delayed

Latest from Crime & Law

Go toTop

More From The Olive Press