Money laundering: Fraudsters Swiss accounts frozen, arrests over mulit-million euro scam
01 Feb 2019

Police have launched a crackdown on a gang that collected money from individuals in different European countries, allegedly claiming they would make profitable investments, but instead used it for their own profit.

Over 60 investors fell victim to the organised crime group, which was involved in large-scale financial fraud and money laundering across Europe, said the authorities.

In a joint operation between officials from Germany, Italy, Spain and Eurojust, several bank accounts were frozen in Switzerland and Portugal. At the same time, bank accounts were seized and bank safes searched in Germany.

Private residences and business premises were also searched in Germany, Spain and Italy. In Spain, the proceeds of several bank accounts were seized, as well as other assets, such as luxury cars and jewellery.

“Various European Investigation Orders (EIOs), freezing orders and European Arrest Warrants (EAWs) were issued and executed prior to (including extensive financial investigations) and during the action day. Based on EAWs issued by PPO Cologne, two suspects were arrested in Spain; another two suspects were arrested in Germany,” said Eurojust.

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