A €45 MILLION money laundering gang that began in 2017 has been smashed by the Tax Agency in a joint operation with the National Police and EUROPOL.
Following lengthy surveillance five people have been arrested in the province of Valencia.
The quintet are alleged to belonging to a criminal organisation, of a family nature, which laundered in more than 45 million euros in Spain.
Investigations got underway in 2017, co-ordinated by the Prosecutor’s Office against Corruption and Organised Crime and by the Examining Court number 20 of Valencia.
Investigations verified the important commercial and financial relationship that a Spanish company, lead by a family criminal organisation had developed.
Commercial operations examined, based mainly on interior design and decoration of buildings, had prices much higher than market values, the Spanish company lacking personnel and infrastructure that would correspond to such a volume of business, and introducing large amounts of money into the Spanish financial sector.
The criminal organisation made certain disbursements – that could be identified as possible commission payments – to alleged front men in bank accounts, in third countries, as well as the acquisition of real estate in Spain on behalf of other people.
It is alleged the organisation created a corporate structure intended to camouflage the final destination of the funds obtained.
A large part of them were used to acquire numerous properties in the city of Valencia.
During investigations, support of a specialist from the Anti-Corruption Group of the European Centre against Economic and Financial Crime (EFECC) of EUROPOL, were active.
Two entry and registration procedures were carried out in the province of Valencia, resulting in the intervention of various documentation, both in paper format and electronic and digital.
Sixteen properties have been judicially intervened, mostly located in the province of Valencia, along with two vehicles.
Thirty five bank accounts – in different financial entities – have been seized and €21,000 in cash seized during the police operation.
Different objects and collections – of high economic value – were also seized.