Spain-led operation dismantles underground bank financing European cocaine networks

September 8, 2026 at 07:11 PM2 min

This digest was compiled by AI from multiple sources — links to the originals are below.

Spanish police dismantled an underground banking network that financed cocaine shipments across Europe, arresting 21 suspects in Spain, the UAE, Egypt, the Netherlands and Sweden. Authorities froze or seized assets worth about 20 million euros, including 48 properties and luxury vehicles. The network, dubbed the 'Dubai Bank', used intermediaries and cryptocurrency to settle drug payments without moving cash across borders.

Key Facts

Spanish police arrested 21 suspects in Spain, the UAE, Egypt, the Netherlands and Sweden as part of the operation.
Authorities froze or seized assets worth about 20 million euros, including 48 properties valued at over 14 million euros and luxury vehicles worth more than 1.6 million euros.
The investigation began after the seizure of 1,835 kilograms of cocaine from the vessel 'Nehir' off the Spanish coast in 2021.
Europol designated one of the arrested suspects as a 'high-value target' with a key role in the underground banking network.
The network used serial numbers on banknotes as codes to verify cash deliveries reached the intended recipient.

The Underground Network

The network, called the 'Dubai Bank' by investigators, allowed criminal organisations to access large sums of money in different countries within a very short time. Instead of physically moving cash across borders, the system settled payments through intermediaries, companies, bank accounts, commercial transactions and various assets. For cash deliveries, special codes such as banknote serial numbers were used to verify that the money reached the right person. The network financed cocaine shipments, transferred criminal proceeds to different countries and carried out part of its transactions using cryptocurrencies.

The Vessel 'Nehir'

The operation originated from the seizure of 1,835 kilograms of cocaine on the vessel 'Nehir' off the Spanish coast in 2021. After the arrest of nine crew members, the boat was towed to the port of Gijón, but it later sank. Investigators believe the vessel was deliberately sunk to prevent the discovery of a second cocaine shipment of about 1,650 kilograms hidden inside. Researchers determined that members of the criminal organisation later entered the sunken vessel and removed the hidden drugs.

Financial Seizures

In the financial part of the investigation, assets worth about 20 million euros were identified, frozen or seized. Authorities seized approximately 2.3 million euros from 121 bank accounts, 48 properties with a total value exceeding 14 million euros, and luxury vehicles worth more than 1.6 million euros. Chief Inspector Encarna Ortega of the Spanish police's anti-money laundering unit stated that drug trafficking on this scale would not be possible without such a financing network.