Spanish Police Bust €3M Online Scam Syndicate: 34 Arrested
The Spanish National Police have dismantled a cybercrime syndicate accused of extensive cyber fraud, pilfering, and monetizing data from over four million victims.
In a specialized operation, 16 raids were executed nationwide: spanning Madrid, Malaga, Huelva, Alicante, and Murcia, resulting in the arrest of 34 individuals. During these raids, the police seized firearms, bladed weapons, four luxury vehicles, €80,000 in cash, and computers harboring critical evidence.
According to the police, the criminals orchestrated phishing attacks via email and SMS, masquerading as representatives of innocuous entities such as delivery services or energy companies.
A frequently employed deceit was the so-called “son in distress” tactic: the fraudsters would call parents, convincing them that their child was in peril.
The syndicate’s strategies and objectives were so diverse, that it was challenging to discern a clear pattern. They also had a broad network of accomplices. For instance, insiders within major tech companies assisted in redirecting the delivery of high-value goods.
The investigation was initiated in early 2023 after a deluge of victim reports. The swindlers hacked the databases of financial institutions, depositing specific amounts into client accounts. They would then contact these clients, asserting that the funds were mistakenly deposited and requesting their return.
For this refund, individuals were instructed to follow certain procedures. The first was to click on a link leading to a phishing site, eerily mirroring the bank’s official page. Unsuspecting victims would input their credentials, which were immediately captured by the culprits.
By estimations, the syndicate illicitly amassed a staggering €3,000,000. These funds were converted into cryptocurrency, making their trail increasingly challenging to trace.
The ringleaders of this cybercriminal outfit are now behind bars. In the forthcoming months, investigators will endeavor to identify other participants.
