Dubai bank busted: 20 million worth of assets seized from drug ring

An international operation broke up a network of drug cartel financiers that investigators call "Dubai Bank", arrested 21 people, and blocked assets worth 20 million euros.

This was announced by Europol and the Spanish police, stating that the operation was carried out with the assistance of police services from several countries.

It was explained that this action broke up an international financial network that investigators suspect served as a kind of "drug bank" for financing large shipments of cocaine and laundering money for criminal organizations around the world.

Those arrested in the operation are suspected of belonging to a criminal organization, drug trafficking and money laundering.

Europol announced that some of the world's largest illegal bankers have been targeted in an international law enforcement operation targeting a sophisticated financial network suspected of financing drug trafficking and laundering the proceeds of criminal activity around the world.

Among those arrested is one of the leaders of the "Dubai bank", who was designated by Europol as a high-value target, and the Spanish police describe him as one of the key figures in the illegal financial network that is suspected of facilitating the financing of numerous cocaine shipments around the world.

The investigation began in February 2021, after Spanish police intercepted the ship "Nehir" in waters off the coast, found 1.835 kilograms of cocaine on board, and arrested all nine crew members.

After the crew and drugs were unloaded, the ship was towed to the port of Gijon, where it later sank. According to Spanish police, the water intrusion was caused by the ship's captain.

Investigators then determined that another 1.650 kilograms of cocaine were hidden on the vessel.

Police suspect that members of the criminal network subsequently entered the sunken ship and retrieved the hidden shipment.

Both quantities of drugs, totaling almost 3,5 tons, were loaded in South America at the end of January 2021. The plan, according to the investigation, was to transfer the cocaine on the high seas to speedboats that would then transport it to the Spanish coast.

Spanish police say speedboats from Galicia were also hired to pick up and unload the drugs.

The trail of money led investigators to the "banker" of the drug cartel, that is, to the very top of the criminal structure.

Europol states that by monitoring financial flows, investigators discovered a sophisticated international infrastructure that provided illegal banking services to criminal organizations.

At its center was a network known as the "Dubai bank".

It was clarified that this was not a classic bank, but a secret money transfer and settlement system that allowed criminal groups to obtain large amounts of money in different countries in a very short period of time.

Instead of physically transferring money across borders, value was transferred through a network of intermediaries, while debts and claims were subsequently settled through internal settlements, trade transactions, companies and their accounts, cash, or other assets.

Europol also states that special identification "tokens" were used to confirm cash transactions. For example, the serial number of a banknote could have served as a kind of code. A person who showed the corresponding number when receiving money would confirm that they were the ultimate recipient.

The Spanish National Police states that during the investigation, a specialized analysis of crypto assets used by the main suspects was also conducted.

Europol's TOKEN Operational Working Group involved experts from Europol and the police services of the Netherlands, Belgium, the United States, the United Kingdom and Scotland.

According to Spanish police, the analysis identified a payment linked to a cocaine shipment transported by the "Nehir".

Since October 2024, Europol has also supported the investigation through a special operational working group, providing financial and operational analysis, as well as expertise in the areas of illegal banking, asset tracking and confiscation.

During the investigation, assets worth around 20 million euros were identified or blocked.

Among them are 48 properties worth more than 14 million euros, luxury vehicles worth more than 1,6 million euros and 121 bank accounts with a total of around 2,3 million euros.

Spanish police said more than 39.000 euros in cash were also seized, as well as luxury watches, jewelry, bags and a large number of mobile phones.

Europol said that among the assets suspected of being purchased with criminal money was a luxury property in Ibiza.

During the arrest of one of the members of "Dubai Bank", according to the Spanish police, approximately 8.000 euros, 1.400 US dollars, 1.200 dirhams, as well as mobile phones and expensive watches were found.

On July 22, the Spanish police carried out a major operation in which, according to their statement from September 8, 14 people were arrested in Spain and a search was carried out in Madrid.

At the same time, 19 international arrest warrants were issued for persons who were outside Spain.

Spanish police say that as of September 8, seven arrest warrants had been issued - four in the United Arab Emirates, one each in Egypt, the Netherlands and Sweden.

The Europol statement states slightly different data - that 15 people were arrested in Spain on July 22nd and that six international arrest warrants were subsequently executed, four of which were in the United Arab Emirates, one in Egypt and one in the Netherlands.

Spanish police say that Interpol also participated in the execution of the arrest warrants.

In addition to Spain and Europol, the investigation involved authorities from several countries, including the Netherlands, Sweden, and the United States, including the US Drug Enforcement Agency (DEA).

The investigation is still open, and Spanish police do not rule out new arrests and actions in Spain and other countries.