Europol Targets Global Underground Bank

Spanish and international authorities have arrested 21 people and identified or seized approximately €20 million in assets in an investigation targeting an underground banking network allegedly used to finance drug trafficking and launder criminal proceeds worldwide, Europol said Sept. 8, 2026.

The operation, led by Spain’s National Police with Europol support, included 15 arrests in Spain on July 22. Spanish authorities also issued 19 international arrest warrants, six of which have been executed: four in the United Arab Emirates, one in Egypt and one in the Netherlands. One of those arrested is described as a senior figure in a network known as the “Dubai Bank.”

The investigation began after authorities intercepted a vessel off Spain in February 2021 and discovered 1,835 kilograms of cocaine. Investigators later alleged that an additional 1,650 kilograms had been hidden aboard the ship and recovered after it sank near the port of Gijón. The inquiry eventually traced suspected links between the shipment, international drug-trafficking operations and a financial network that moved funds through brokers, businesses, bank accounts and other assets.

Authorities identified 48 properties valued at more than €14 million, luxury vehicles worth over €1.6 million and 121 bank accounts containing €2.3 million. Europol said its specialists supported the investigation through intelligence sharing, financial analysis, underground-banking expertise and asset tracing. Authorities in the Netherlands, Sweden and the United States, including the Drug Enforcement Administration, also contributed to the case.