Key facts
- Spanish police dismantled an illegal banking network known as the 'narcobank'.
- The network is suspected of financing cocaine shipments and laundering money for major traffickers.
- Twenty-one people were arrested across Spain, the UAE, Egypt, the Netherlands, and Sweden.
- Assets valued at €20 million, including €2.3 million in bank accounts, 48 properties, and luxury vehicles, were seized.
- The investigation began in 2021 following the seizure of 1.84 metric tons of cocaine.
Spanish police announced on Tuesday the dismantling of an illegal banking network, dubbed the 'narcobank,' which allegedly facilitated large-scale cocaine trafficking across Europe. The operation resulted in the arrest of 21 individuals in multiple countries, including Spain, the United Arab Emirates, Egypt, the Netherlands, and Sweden.
The network is accused of financing cocaine shipments, moving money internationally outside of formal banking channels, utilizing cryptocurrency for transactions, and providing money laundering services. Chief anti-money laundering inspector Encarna Ortega stated that such financing was essential for moving drug shipments between countries, enabling large-scale trafficking.
Authorities seized assets valued at approximately €20 million, comprising €2.3 million in 121 bank accounts, 48 properties worth over €14 million, and luxury vehicles exceeding €1.6 million. The investigation was initiated following a 2021 incident where 1.84 metric tons of cocaine were seized from a vessel named Nehir, which police reported was later deliberately sunk to hide an additional shipment.
Europol provided support for the investigation, identifying one of the arrested individuals as an underground banker considered a high-value target. Twelve additional suspects remain at large.