A criminal network that used shell companies to steal over $12 million from 50 US financial institutions has been dismanteld following a cross-border strike co-ordinated by Interpol.
The international operation, led by the Spanish National Police and the US Secret Service, resulted in the arrest of 105 suspects and the freezing of 87 bank accounts worth €1.3 million.
The criminal organisation, mainly formed of Greek nationals, set up shell companies in the US and arranged the transfer of funds to US-based accounts from different locations in the EU. With trust established, the US banks issued debit and credit cards for these accounts.
Retailers in on the scam, most of whom were in Spain, used the payment cards to finance the available credited amounts on the cards. To launder the stolen funds, they transferred them to different bank accounts, owned by members of the criminal network located in several EU countries.
The police raids entailed 88 simulataneous house searches and the seizure of 14 high-end vehicles and €406 000 in cash.