Europol announced on May 14, 2025, that law enforcement agencies have dismantled a sophisticated criminal parallel banking network operating across multiple European countries.
The operation, conducted on January 14, 2025, resulted in the arrest of 17 individuals and the seizure of assets worth over EUR 4.5 million.
The coordinated action took place across three countries, with 15 suspects detained in Spain and one each in Austria and Belgium.
According to Europol officials, the criminal network provided extensive money laundering services to organized crime groups involved in migrant smuggling and drug trafficking.
“This operation is a prime example of the interconnection between criminal networks,” said a Europol spokesperson. “By following the money trail left by previous investigations into migrant smuggling, we’ve managed to take down a key financial infrastructure that enabled various criminal activities throughout Europe.”
Authorities Arrested 17 Criminal Bankers
The arrested individuals, predominantly of Chinese and Syrian nationality, operated what investigators describe as a parallel underground financial system structured in at least two distinct branches:
- One catering to Arabic-speaking criminal organizations
- Another serving Chinese crime networks
Authorities believe the group facilitated the movement of more than EUR 21 million in illicit funds.
The network provided comprehensive money laundering services, including:
- Illegal hawala banking
- Cash collection
- Courier services
- Cryptocurrency exchange operating outside legitimate financial oversight
The organization reportedly advertised its services on social media platforms to attract a diverse international criminal clientele.
Seized Assets and Evidence
During the raids, authorities seized:
- EUR 206,000 in cash
- Frozen EUR 421,000 across 77 bank accounts
- Cryptocurrency valued at EUR 183,000
- 10 real estate properties worth over EUR 2.5 million
- 18 vehicles valued at approximately EUR 207,000
- 4 shotguns with ammunition
- Numerous electronic devices
- Luxury items such as designer watches and jewelry
Operation Linked to Previous Smuggling Investigations
The January operation was a direct follow-up to two successful actions against migrant smuggling networks reported in July and August 2023.
Digital evidence gathered during those earlier investigations revealed connections to this parallel banking organization, prompting a deeper financial investigation.
Europol’s Support and Coordination
Europol provided substantial operational support, including:
- Deploying experts to all three countries involved
- Financing the travel of three Spanish investigators to Belgium and Austria
- Ensuring seamless coordination during the action day
Conclusion
This case highlights the growing sophistication of transnational financial crime and the increasing reliance of criminal organizations on alternative banking systems to move illicit funds across borders.
Disrupting such networks remains a priority for European law enforcement as they continue to combat organized crime throughout the continent.
