Spanish police have dismantled a major cybercrime and money-laundering network that allegedly generated €140 million ($160 million) through investment scams and Business Email Compromise (BEC) attacks. The international operation resulted in the arrest of four suspects in Spain, Portugal, and Panama.

Authorities described the criminal organization as operating on an industrial scale. Investigators found the group managed more than 800 bank accounts, 120 business accounts, and relied on 67 accomplices acting as money mules to move and conceal stolen funds.

According to investigators, the suspects received illicit money through a network of bank accounts before rapidly transferring it across multiple accounts and into third countries, making it difficult for authorities to trace or recover the funds.

The investigation confirmed that €94 million passed through the laundering network, while another €61 million was linked to the group’s Business Email Compromise operations carried out in 2024. The gang allegedly used CEO impersonation and fake invoice scams to trick businesses into sending payments to accounts under their control.

The case began after police detected suspicious money-laundering activity involving 19 companies connected to the organization. With assistance from Europol and Interpol, authorities coordinated raids at six locations in Barcelona, Girona, Tarragona, and Porto, while another suspect was arrested in Panama.

Investigators said two of the suspects had recently left Spain but continued directing parts of the operation from abroad.

During the raids, officers seized 15 computers and more than 170 smartphones, which are believed to have been used to carry out thousands of fraudulent financial transfers. Authorities also froze €3 million ($3.4 million) in suspected criminal proceeds, which could be returned to victims.

Spanish police believe the money-laundering network has now been effectively dismantled, with its main operators taken into custody.