In a major crackdown, Spanish authorities have dismantled a criminal organization involved in widespread bank fraud. The operation, which spanned 39 provinces, has resulted in the arrest of 100 individuals and the investigation of another 151 people. The group is accused of committing 323 fraud offenses by impersonating victims’ banks through SMS and phone calls.

Significant Financial Impact

In Málaga alone, the fraud has resulted in nearly €1.2 million in losses for victims. The Guardia Civil’s investigation revealed a sophisticated scheme where criminals impersonated bank representatives to defraud people of their banking credentials and funds. The organization operated across multiple provinces, including Barcelona, Madrid, Girona, Tarragona, and Lleida.

Details of the Fraudulent Scheme

The criminals employed a multi-step process to defraud their victims:

1. Phishing: Victims received SMS messages containing links to fake banking websites, designed to steal their login credentials.
2. Vishing: After gaining access through the fake site, victims received phone calls from numbers spoofed to appear as their actual bank, during which fraudsters posed as bank employees. They persuaded victims to provide verification codes necessary for unauthorized transactions.

This method led to the theft of approximately €1.2 million from at least 323 victims in Málaga alone.

Organizational Structure

The criminal group had a complex structure, with roles ranging from ‘mules’ who received and moved initial transfers to those responsible for recruiting collaborators, managing commissions, and laundering stolen funds. The stolen money was often transferred to foreign accounts or invested in cryptocurrency.

Extensive Investigation

Authorities analyzed 472 bank accounts and 708 phone lines, most of which were registered under false identities. The investigation has identified 422 individuals involved, with varying levels of participation in the scheme. So far, 100 people have been arrested, and 151 are under investigation for their involvement in criminal organization, fraud, and money laundering.

This significant operation highlights the ongoing efforts of law enforcement to combat sophisticated financial crimes and protect consumers from such fraudulent schemes.

Have you ever been a victim of fraud? Or had a close call?

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Image: guardiacivil.es