Major European Money Laundering/Money Mule Services Operation Shut Down By Europol
Primary Category: Criminal Justice
Authors:
• SCARS Editorial Team – Society of Citizens Against Relationship Scams Inc.
• Europol
About This Article
Europol, alongside Italian and Portuguese authorities, spearheaded a major crackdown on money mule service providers laundering over EUR 10 million for a criminal organization behind cryptocurrency scams.
Supported by law enforcement from Austria, France, Germany, Romania, Spain, and Switzerland, the operation involved raids in France, Italy, and Romania, resulting in 11 detentions, including the scheme’s mastermind, and the seizure of electronic devices, jewelry, and cryptocurrencies.
The scam targeted millionaires through sophisticated rip-deal scams, utilizing cryptocurrencies. Europol and Eurojust provided critical support, facilitating information exchange and forensic assistance, while Europol’s #DontBeaMule campaign aims to prevent money mule activities across the EU.
Europol Crackdown on Money Mule Service Providers Laundering over EUR 10 million
Europol has supported a large-scale operation led by Italian and Portuguese authorities against two networks of money-mule recruiters working for a criminal organization carrying out cryptocurrency scams. Law enforcement from Austria, France, Germany, Romania, Spain, and Switzerland were also involved in the investigation, as well as Eurojust.
A series of raids were carried out on 21 and 27 May 2024 in France, Italy, and Romania. They resulted in 11 detentions, including the mastermind behind the money laundering scheme. Law enforcement authorities also carried out 15 house searches and seized several electronic devices, jewelry, and cryptocurrencies.
The organized crime group under investigation carried out classic ‘rip-deal’ scams, targeting millionaires looking to invest or sell properties. Investigators uncovered how the criminals outsourced the money laundering to two other criminal networks. These networks recruited money mules – people who receive money from a third party in their bank account and transfer it to another account or withdraw it in cash, giving it to someone else in exchange for a commission. Europol warned of this trend in its report Decoding the EU’s most threatening criminal networks.
In this case, the main perpetrators of the scam lacked the technical expertise to launder their profits, which exceeded EUR 10 million. That is why they delegated part of the criminal process to external service providers. This crime-as-a-service business model further increased their threat, as all their needs could be met by other criminal actors through financial exchange.
An Elusive Labyrinth
Law enforcement authorities investigated the case for two years, as the criminal scheme was complex and challenging for investigators to unravel. The main criminals running the scam were members of families originally from the Balkans, although most of them were based in France.
However, the crypto-tracing analysis performed by the investigators and supported by Europol revealed that two money-laundering rings, involving multiple nationalities and geographical locations to try to hide from law enforcement, were linked to the main group of criminals.
The investigation revealed that criminals were running a rip deal scam. In this scam, a suspect lures a victim interested in investing or selling property by pretending to belong to an international investment fund, builds trust, and carries out the deception at the time of payment. This time, however, they used cryptocurrencies and different apps to accomplish the scam.
The criminals contacted the victims, scheduled an appointment at luxury restaurants or hotels, and instructed them to download applications to manage cryptocurrencies. As soon as the victims installed the app, the criminals used sophisticated technical tools to take control of the crypto wallets. It was only when the payments were made using these applications that the victims realized that all their funds had disappeared from their crypto wallets.
As the criminals were targeting millionaires and generating huge profits from their activities, investigators were led down a completely new path – that of the money mules.
European Coordination
During the investigation, Europol provided analytical support to law enforcement authorities by disseminating analytical reports and carrying out crypto tracing for the investigators in the field to help advance the investigations. The agency also brought together the investigators to establish an intelligence picture and prepare the action days.
A team of Europol experts was deployed in Italy to facilitate the exchange of information between the countries involved in the investigation and to provide ongoing forensic support on the spot.
Eurojust supported the investigation by enabling cooperation between the judicial authorities involved in the operation. The coordination meetings at Eurojust helped the authorities to exchange information and prepare for the Action Day. Additionally, Eurojust supported the execution of European Investigation Orders, European Arrest Warrants, and freezing orders.
Money-Mule Prevention Campaign
Europol developed the #DontBeaMule prevention campaign to raise awareness about the use of money mules. The campaign is available in all EU languages and informs the public about how money mules operate, who the most targeted individuals are, and how to recognize the warning signs.
Law enforcement authorities involved in the investigation:
- Austria: Criminal Intelligence Service Austria (Bundeskriminalamt);
- France: French National Police (Police Nationale);
- Germany: Federal Criminal Police Office (Bundeskriminalamt) and Hessian Police (Hessische Polizei);
- Italy: Italian National Police (Polizia di Stato);
- Portugal: Portuguese Criminal Investigation Police (Polícia Judiciária);
- Romania: Romanian Police (Poliția Română);
- Spain: Spanish Guardia Civil (Guardia Civil), Spanish National Police (Policía Nacional);
- Switzerland: Federal Office of Police (fedpol), Zürich City Police (Stadtpolizei Zürich).
Please Leave Us Your Comment
Also, tell us of any topics we might have missed.
Thank you for your comment. You may receive an email to follow up. We never share your data with marketers.
Recent Reader Comments
on The Uniqueness Of Scam Victims Or Fraud Victims – 2024: “The video i watched yesterday of an intervention stated; if needed, SCARS has information that can be sent to local…” Sep 19, 11:21
on SCARS Institute West Africa Project with GISF CyberLaw Academy Series for Criminal Justice Professionals at Ghana UENR – 2024: “Awesome news” Sep 18, 16:40
on Scam Victims Use Work To Avoid Healing: “No, your work performance would be significantly reduced. Many scam victims lose their jobs because of this.” Sep 18, 14:55
on Scam Victims Use Work To Avoid Healing: “What about work performance? I have thought about, if I were working, when the scam ended, would my work performance…” Sep 18, 12:24
on Scam Victims Use Work To Avoid Healing: “This article is a great reminder to maintain balance in your life.” Sep 18, 10:00
Did you find this article useful?
If you did, please help the SCARS Institute to continue helping Scam Victims to become Survivors.
Your gift helps us continue our work and help more scam victims to find the path to recovery!
You can give at donate.AgainstScams.org
Important Information for New Scam Victims
- Please visit www.ScamVictimsSupport.org – a SCARS Website for New Scam Victims & Sextortion Victims
- SCARS Institute now offers a free recovery program at www.SCARSeducation.org
- Please visit www.ScamPsychology.org – to more fully understand the psychological concepts involved in scams and scam victim recovery
If you are looking for local trauma counselors please visit counseling.AgainstScams.org or join SCARS for our counseling/therapy benefit: membership.AgainstScams.org
If you need to speak with someone now, you can dial 988 or find phone numbers for crisis hotlines all around the world here: www.opencounseling.com/suicide-hotlines
More Europol Related Information:
- EUROPOL Action Against European Money Laundering Operations – 2024 (scamsnow.com)
- Europol’s Operation ENDGAME Strikes At Heart Of Cybercrime’s Botnet Universe – 2024 (scamsnow.com)
- Qakbot Botnet Infrastructure Shattered After An International Operation Led By FBI/Europol Takes It Down (scamsnow.com)
- Europol Arrests 70 Phone Scammers Plus Kingpin (scamsnow.com)
- Cryptocurrencies – Europol Takes A Major Step Forward (scamsnow.com)
- EUROPOL Report: Money-Laundering Criminals Are Adapting To New Technology Faster Than Authorities Can Keep Up (scamsnow.com)
- Euro Phishing Gang Shut Down Europol & Partners – 2023 (scamsnow.com)
- Organized Criminal Network – 43 Members Arrested by Europol (scamsnow.com)
SCARS Resources:
- Getting Started: ScamVictimsSupport.org
- FREE enrollment in the SCARS Institute training programs for scam victims SCARSeducation.org
- For New Victims of Relationship Scams newvictim.AgainstScams.org
- Subscribe to SCARS Newsletter newsletter.againstscams.org
- Sign up for SCARS professional support & recovery groups, visit support.AgainstScams.org
- Find competent trauma counselors or therapists, visit counseling.AgainstScams.org
- Become a SCARS Member and get free counseling benefits, visit membership.AgainstScams.org
- Report each and every crime, learn how to at reporting.AgainstScams.org
- Learn more about Scams & Scammers at RomanceScamsNOW.com and ScamsNOW.com
- Learn more about the Psychology of Scams and Scam Victims: ScamPsychology.org
- Self-Help Books for Scam Victims are at shop.AgainstScams.org
- Donate to SCARS and help us help others at donate.AgainstScams.org
- Worldwide Crisis Hotlines: International Suicide Hotlines – OpenCounseling : OpenCounseling
- Campaign To End Scam Victim Blaming – 2024 (scamsnow.com)
-/ 30 /-
What do you think about this?
Please share your thoughts in a comment below!
More ScamsNOW.com Articles
SCARS LINKS: AgainstScams.org RomanceScamsNOW.com ContraEstafas.org ScammerPhotos.com Anyscam.com ScamsNOW.com
reporting.AgainstScams.org support.AgainstScams.org membership.AgainstScams.org donate.AgainstScams.org shop.AgainstScams.org
youtube.AgainstScams.org linkedin.AgainstScams.org facebook.AgainstScams.org
Leave a Reply