European police arrest 105 for international credit card fraud

European authorities have arrested 105 people and charged 14 others for their alleged role in an international scheme that defrauded 12 million euros ($ 14.4 million) from US-based banks.

Officers also seized more than 400,000 euros in cash, 14 luxury vehicles, false identity papers, firearms and more than 200 bank cards. (Source: Europol)Spain’s National Police and the U.S. Secret Service say they dismantled the criminal network, which allegedly defrauded more than 50 U.S. financial institutions, in an investigation involving Europol and law enforcement in seven European countries where members gangs were operating.

The eighteen-month investigation is the largest international investigation to date into bank card fraud, Spanish authorities said in a statement. declaration Wednesday.

Police searched 88 locations, including a hotel in eastern Spain where the criminal network allegedly set up its operational center in 2017. As a result, authorities blocked 87 bank accounts in Spain and several other European countries, freezing over 1.3 million euros ($ 1.56 million).

Officers also seized more than 400,000 euros ($ 479,000) in cash, 14 luxury vehicles, false identity documents, firearms and more than 200 bank cards.

According to Europol, the criminal organization defrauded financial institutions through US shell companies and a complex scheme that exploited the difference in acceptance of payments between US and Spanish banks.

Police determined the gang was operating in 16 countries and planned to open two new centers of operations in Austria and Greece before it was dismantled.


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