Spain dismantles "Dubai Bank" cocaine network after tracking millions through cryptocurrency
Spanish authorities dismantled an international cocaine and money laundering network tied to a shadow financial system known as the "Dubai Bank," arresting 21 people worldwide and identifying 20 million euros ($23.24 million) in illicit assets, the National Police announced Tuesday.
The massive operation targeted what police described as the “aces” of global drug trafficking, including the capture of a high-value Europol target who allegedly led the Dubai-based narco-bank. Investigators said the illicit structure allowed criminal organizations to rapidly move funds across different countries to finance narcotics shipments.
Coordinated by the Special Anti-Drug Prosecutor’s Office of the National Court, the investigation began in February 2021 after authorities intercepted the Nehir, a ship carrying cocaine from South America, off the Spanish coast. Officers arrested the nine-member crew and seized 1,835 kilograms of cocaine, but the vessel’s captain deliberately caused a leak.
The ship was towed to the northern Spanish port of Gijón, where it ultimately sank. Police later discovered the vessel had been carrying a second, hidden load of 1,650 kilograms of cocaine — which the criminal network managed to recover from the sunken wreckage despite the extreme risks. Investigators said the original plan involved transferring the drugs in international waters to speedboats operated by Galician smugglers.
Following the dramatic seizure, Spanish police launched a pioneering cryptocurrency investigation to track the network’s finances. Working alongside Europol and agencies from the Netherlands, Belgium, the U.S. and the U.K., specialists analyzed crypto assets and successfully identified the exact payment made for Nehir’s cocaine shipment.
The probe culminated in a series of coordinated raids. On July 22, authorities arrested 14 suspects in Spain, including a man described as the Dubai Bank’s primary broker. When arresting the network member, police seized 8,000 euros ($9,297), $1,400 and 1,200 dirhams ($327), along with luxury watches and mobile phones.
Police also issued 19 international arrest warrants, seven of which have been executed in the United Arab Emirates, Egypt, the Netherlands and Sweden with the help of Interpol.
Breaking down the 20 million euros in identified assets, authorities said they froze 121 bank accounts containing 2.3 million euros ($2.67 million), blocked 48 properties valued at more than 14 million euros ($16.27 million) and seized 1.6 million euros ($1.86 million) worth of luxury vehicles. Officers also confiscated more than 39,000 euros ($45,335) in cash, alongside jewelry and designer bags.
The investigation—supported by the U.S. Drug Enforcement Administration and other international agencies—remains open, and police have not ruled out further arrests.
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