Europol claims to have dismantled an organized crime group that had swindled US banks out of $14.4 million. According to Europol, the organization launched a single-day operation in which Spanish National Police and the US Secret Service conducted 40 house searches, arrested 37 suspects, and seized 13 cars. The day is nicknamed Operation Secreto and also consisted of freezing roughly 87 bank accounts. The scheme was traced back to Greek nationals, according to authorities.
The organized crime group was able to defraud dozens of US banks through setting up shell companies within the US and opening associated bank accounts and cards. Spanish retailers engaging in the scheme would max out credit lines on provided cards before laundering the funds. The operation to take down the cybercrime group was a joint effort between Europol, Austria, Denmark, and Greece, as well as the US Department of Justice and the US Financial Crimes Enforcement Network.
Read More: Europol Breaks $14m Card Fraud Ring
