Europol Dismantles 5,000-Victim Cryptocurrency Investment Fraud Ring in Spain

• An international law enforcement operation has taken down a significant cryptocurrency fraud network.
• Authorities arrested five individuals in the Canary Islands and Madrid and searched five locations.
• The group leveraged international associates, payment gateways, shell companies, and personal accounts.

A sophisticated global cryptocurrency investment fraud network was taken down in an international operation codenamed "OP BORRELLI." The action uncovered a highly organized scheme with illicit proceeds exceeding €460 million.

On June 25, 2025, Spanish authorities, supported by Europol and law enforcement agencies from the United States, Estonia, and France, took down the network, which involved over 5,000 victims worldwide.

The investigation, initiated in 2023, identified the key players of the criminal network and their elaborate methods.

The group orchestrated fraudulent activities through a network of international associates, utilizing payment gateways, shell companies, and personal accounts spread across exchanges to transfer, store, and launder funds. 

Their operations were based primarily in Hong Kong, with funds funneled via intricate banking systems.

On the day of action, law enforcement arrested five individuals in five searched locations (three in the Canary Islands and two in Madrid). Europol provided critical support throughout the operation, including strategic analysis, operational coordination, and technical assistance on-site in Spain. 

A specialist in cryptocurrency investigations was deployed to assist local authorities in untangling the complex financial trails.

The dismantling of this network highlights growing concerns over the rise of online fraud, which Europol has dubbed an "epidemic" in its recent Serious and Organized Criminal Threat Assessment (SOCTA) report. 

Fuelled by advancements in artificial intelligence (AI) and the evolving capabilities of cybercriminals, online fraud poses an unprecedented challenge to governments, businesses, and individuals alike.

The investigation remains ongoing, as authorities seek to map the full extent of the group's network and recover stolen assets.