Based on reports from Europol, a secret banking network that handled at least €21 million has been shut down. On January 14, 2025, law enforcement teams in Austria, Belgium and Spain arrested 17 people.
Based on reports, the network ran at least two main branches. One branch served Arabic‑speaking groups tied to smuggling routes, while the other catered to Chinese‑origin rings linked to drug deals and human trafficking.
The services on offer ranged from informal “hawala” transfers and cash pick‑ups to hiding funds in bank accounts and swapping crypto for euros. The group even promoted its services on social media to reach clients around the world.
Investigators also took ownership of 10 properties valued at over €2.5 million and 18 vehicles worth more than €207 000. In addition, four shotguns with ammunition were found, alongside a collection of luxury watches, jewelry and other high‑end items. Phones and laptops were also taken for further analysis.
Europol did more than share intelligence. It funded three Spanish investigators to fly to Belgium and Austria and sent two financial‑crime experts to each of those countries. Another pairing of specialists joined the operation in Spain. By embedding experts on the ground, Europol helped national teams act quickly and share skills in real time.
This operation highlights how modern criminal groups mix old‑fashioned cash moves with new technology. They rely on informal transfer systems and crypto‑wallets, and they spread out across borders so that one raid won’t stop them for good.
Tracking every euro or bitcoin means digging into property deals, online ads and encrypted chats, not just bank records. For now, authorities will press charges against the 17 suspects and work to recover the rest of the network’s money and assets.
Featured image from Kenzo Tribouillard/AFP via Getty Images, chart from TradingView
