Palma: Global network that laundered 10 million with cryptocurrencies dismantled
the network used a shell company network based in Palma to channel money from a global pyramid scheme
PalmThe National Police has dismantled in Palma a network accused of laundering about 10 million euros from an international cryptocurrency macro-scam, in an operation in which five people have been arrested and assets in Spain and Sweden valued at about 15 million have been seized. The investigation, initiated more than two years ago by the Capital Laundering Group in the Balearic Islands, within the framework of the so-called 'Acantilado' operation, has had the collaboration of the FBI, the Swedish and German police, which has made it possible to trace the money through countries such as the United Arab Emirates, Singapore, Georgia or Sweden.
According to the police, the network used a web of shell companies based in Palma to channel more than 10 million euros from a global pyramid scheme, in which the illicit origin was hidden and they were intended for real estate investments and hospitality businesses on the island. Among the operations carried out are the acquisition of a property on the promenade of Palma and the purchase and rehabilitation of various properties in areas such as El Terreno, Portixol or the historic center of Ciutat, as well as restaurants. These assets were sold, while other projects remained in development and have also been seized by the authorities.
Distribution of profits
The plot dates back to 2015, when the main suspect, then residing in the Middle East, intended to introduce illicit funds into Spain through third parties who were listed as investors. To this end, he had the collaboration of businessmen and an advisor who allegedly designed the corporate structure to conceal the origin of the money. The alleged ringleader of the fraud was later arrested in Southeast Asia, extradited to the United States, and sentenced to 20 years in prison after pleading guilty.
According to investigators, some of those involved in Palma allegedly tried to share the profits after the scam collapsed. In recent days, agents carried out searches and arrested three businessmen, an accountant, and an advisor, linked to the network as alleged perpetrators of money laundering offenses.
In addition to the seizure of several properties related to the scheme, the police force has seized a boat, a high-end vehicle, and several bank accounts with significant amounts of money. The investigation remains open to clarify the full extent of the scheme.