Money laundering: Cocaine dealers invest dirty cash in real estate, 47 properties seized
08 Jan 2019

Up to 47 properties and numerous vehicles were seized in a police crackdown on a drug dealers’ network which involved investing drug money in the property market.

In a joint operation between police in Spain, Italy, Argentina and Europol, almost 50 suspects were arrested regarding the gang’s activities, which involved trafficking cocaine via containers from places such as Argentina and Columbia to Europe. The gang also cultivated and sold marijuana in Spain.

Suspects moved over two tonnes of cocaine, which was seized by the Spanish National Police and Argentine National Gendarmerie when it was being transported from Bolivia to Argentina, destined to Europe, according to a Europol statement.

“The suspects, living in Argentina and Spain, were laundering money coming from the drug activities, sending it back from Europe to Argentina to then invest it into the property market,” Europol explained.

“In Argentina, more than 60 properties were searched and the authorities seized €350 000, numerous vehicles and 47 properties. The Italian Finance Corps conducted five house searches.”

Photo: This is a sample photo, and does not represent the properties described in the article.

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