34 Cybercriminals Arrested in Spain for Multi-Million Dollar Online Scams

Oct 24, 2023NewsroomCyber ​​Fraud / Cyber ​​Crime

Multi-Million Dollar Online Scams

Spanish law enforcement officials have Office has partnered the arrest of 34 members of a criminal group that carried out various online scams, netting the gang about €3 million ($3.2 million) in illegal profits.

Authorities searched 16 locations in Madrid, Malaga, Huelva, Alicante, and Murcia, seizing two simulated firearms, a katana sword, a baseball bat, €80,000 in cash, four high-end vehicles, and computers and electronic material worth thousands of euros. .

The operation also discovered a database with cross-referenced information on four million people collected after entering the databases belonging to financial and credit institutions.

The scams, carried out via email, SMS, and phone calls, involve threat actors posing as banks and electricity supply companies to defraud victims, in some cases making even. “child of trouble” call and manipulation of delivery notes from technology companies.


In one instance, the bad guys reportedly took advantage of the position of a member of a multinational technology company to transfer computer and electronic products from suppliers to the criminal entity.

In another scam, fraudsters gain unauthorized access to financial institutions’ customer databases, add funds to customer accounts, and then contact them to inform them of an alleged fraudulent deposit. , which they have to pay by clicking on a bogus link that gets their credentials.

The cybercrime network also allegedly made money from offering fake websites to banks, mass message programs, and collected information through special forums.

“The leaders of the network used false documentation, used fraudulent methods to hide their identity and invested their income in crypto assets,” the agency said.

The development comes months after the Spanish National Police arrested 55 individuals in a Barcelona-based group known as the Black Panthers, accused of taking over bank accounts through SIM swapping, stole around €250,000 from almost 100 people.


It also follows the discovery of a new money laundering technique in which China-based scammers are using a combination of fake instant loan apps and India’s Unified Payments Interface (UPI) to trick victims into parting with their funds, according to CloudSEK.


The scam involves creating instant loan Android apps that, when installed by victims, search for their personal and financial information, not to mention forcing them to give intrusive permissions to retrieve sensitive data stored on the devices. .

“UPI service providers currently operate without coverage under the Prevention of Money Laundering Act (PMLA),” security researchers Sparsh Kulshrestha and Bhavik Malhotra SAYS. “Scammers manipulate mobile numbers associated with victim accounts to initiate illegal transactions.”

Did you find this article interesting? Follow us on Twitter and LinkedIn to read more exclusive content we post.

Leave a comment