The alleged criminals got captured in Madrid and Valladolid. The authorities revealed that the criminal group operated using the change of cryptocurrencies to USDT to get away from volatility.
The Spanish Police captured eight individuals for alleged money laundering and fraud. According to a report revealed this Tuesday, February 15, the detainees play different roles in a gang that carried out illegal activities such as laundering money that would later go to other criminal organizations using digital currencies.
The authorities highlighted that the capture took effect in the framework of the MAUNA operation, through which the total disabling of the criminal group with based activities in Madrid got achieved. According to the researchers and investigators, the group became a reference to know the location where all this dirty money got moved in Spain.
The investigations revealed an extensive network of contributors with different roles, hierarchies, and goals, from the ones working with everything related to the management of cryptocurrencies to entire groups of experts in designing complex operations in the international financial system. This move was the tactic they used to hide the origin of the funds.
The authorities executed a series of investigations in Madrid and Valladolid, which resulted in the capture of the eight individuals deeply involved in the crime, the blocking of at least nine properties, and the seizure of at least EUR 300,000 in cash, along with many cryptocurrency cold wallets. In addition, at least 30 bank accounts got blocked, along with more than one million euros that come from illegal activities.
A Group that Worked for other Organizations
The group operated due to the reception of capital from organizations focused on financial scams, with which it acquired cryptocurrencies. The police revealed that these criminals even started to change digital currencies to the stable coin Tether, an item with a value adhered to the US dollar, to protect themselves from the volatility the bitcoin and altcoin market always experience.
At the same time, these criminals began to deceive citizens that showed interest in exchanging cryptocurrencies for cash, thereby earning a reward.
The press report of the Civil Guard highlighted that once the victims starts to show trust in this type of investment and received a bit of return, the criminal group vanished, along with all the cryptocurrency investment. The capital that the users invested in the activity ended up being exchanged with other criminal groups, thus achieving a double return.
The detainees allegedly had briefcase companies in Spain, Belgium, Germany, and Lithuania, to hide their illegal procedures. The massive crime would have harmed citizens in a precarious economic situation and elderly citizens. The police highlighted that the MAUNA operation is alive and open until all the victims in Spain get identified.
Jenson Rivas
