Security News > 2022 > November > Spanish police dismantle operation that made €12M via investment scams
Spanish National Police have dismantled a cybercrime organization that used fake investment sites to defraud over €12.3 million from 300 victims across Europe.
The threat actors then laundered money stolen from victims by moving it from Spanish banks to foreign financial entities where the criminals hoped it was away from the authorities' scrutiny or tracing ability.
Typically, victims end up on these sites by following links embedded in phishing emails, which is how the dismantled Spanish gang also drew traffic to its sites.
The victims were made to believe they were investing money on these websites, but in reality, their deposits were sent directly to the crime group's bank accounts.
"The method of defrauding used by the criminal group consisted of offering any potential client, through fraudulent websites, the possibility of carrying out different financial operations, such as: contracting investment products and contracting financing products." - Spanish Police.
After bouncing around to obscure the money trace, the funds were eventually returned to Spanish accounts.