Europol helped dismantle a fraud ring, mainly made up of Greeks, that stole over 12 million euros ($14.4 million) from a total of 50 US banks. Since October 2020, an international police operation consisting of the Spanish National Police (Policía Nacional), Europol and US intelligence agencies has arrested 105 people involved in the fraud ring, after searching 88 homes. It has also seized 87 bank accounts totaling 1.3 million euros, 406,000 euros in cash, and 14 luxury vehicles.
The fraud ring known as "Operation Secreto" involved mainly Greek nationals. The perpetrators created shell companies in the US, opening bank accounts in American financial institutionsin the name of their companies. In order to gain the trust of bank executives, they transferred large sums of money from various regions of the European Union to the US accounts.
They then asked American banks to make large loans to the shell companies, which they themselves transferred to personal bank accounts in various European countries.
More than 50 American banks were defrauded in this way, according to Europol, which is coordinating the operation with additional assistance from police in Austria, Denmark and Greece, as well as the US Department of Justice and the US Financial Crimes Enforcement Network (FinCEN).
The investigation lasted eight months and Europol facilitated information exchange and operational coordination.
During the operation, Europol set up a coordination centre at its headquarters using a virtual command station to allow liaison officers from the countries involved, Europol experts and a Eurojust representative to coordinate operational activities. Europol also deployed an analysis centre in Greece to provide real-time analytical support to investigators.
A data leak last year revealed an estimated $2 billion in global money laundering, although this is considered to be only the “tip of the iceberg.”
