According to ShibDaily, the Spanish Civil Guard has successfully dismantled an international criminal network involved in a large-scale cryptocurrency fraud, resulting in the arrest of five individuals. The organization is accused of defrauding over 5,000 victims worldwide, with estimated losses amounting to nearly $540 million. This operation, known as Operation BOREELLI, targeted a Hong Kong-based company allegedly engaged in fraudulent FOREX market investments. In addition to the arrests, law enforcement conducted searches in Madrid and the Canary Islands, seizing a significant amount of cryptocurrency.
The investigation revealed that the criminal network defrauded victims of approximately $498 million globally, including $42 million from Spanish nationals. Authorities allege that the leaders of the crypto scam operated a global fundraising network, utilizing sales agents to collect money through cash withdrawals, bank transfers, and cryptocurrency transactions. To obscure the origins and movement of the illicit funds, the organization reportedly established an international web of corporate entities and bank accounts. Payment gateways and exchange accounts registered under various names were used to receive, hold, and transfer the proceeds.
The European Union Agency for Law Enforcement Cooperation (Europol) began assisting Spanish authorities in 2023 with their investigation into this extensive crypto fraud network. Europol provided strategic analysis, operational support, and coordinated efforts across borders, with its financial crime specialists playing a crucial role in the international expansion of the probe. The investigation also involved collaboration with the Estonian Police and Border Guard Board, France’s New Caledonia National Gendarmerie, and U.S. Homeland Security Investigations.
This case highlights the increasing challenges faced by law enforcement in combating online fraud associated with cryptocurrencies. As digital assets become more prevalent, international cooperation and advanced investigative tools are essential to protect investors and maintain trust in the evolving crypto landscape. The article emphasizes the importance of conducting thorough research and consulting with qualified financial advisers before making any investment decisions.
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Hui Xin