European authorities have arrested 20 alleged members of the QQAAZZ criminal network following an international law enforcement operation spread across 16 countries. Law enforcement authorities from Portugal, Spain, Catalan, the UK, Latvia, Bulgaria, Georgia, Italy, Germany, Switzerland, Poland, Czech Republic, Australia, Sweden, Austria and Belgium took part in this operation. The multinational investigation was coordinated by Europol.
The QQAAZZ network is responsible for attempted laundering of tens of millions of euros for cybercriminals across the world. This network is primarily comprised of members from Latvia, Georgia, Bulgaria, Romania and Belgium. It offered its services to some of the most involved cybercriminals in the world.
QQAAZZ members registered dozens of shell companies and associated bank accounts using true as well as fake Polish and Bulgarian documents. Overall, the QQAAZZ network operated hundreds of accounts at banks across the world to receive stolen money from cybercriminals. The funds were disbursed to other bank accounts operated by the QQAAZZ. Funds were at times converted to cryptocurrency while concealing their original source. QQAAZZ charged a fee of up to 50% and returned the remaining illicit money to its cybercriminal clients.
Source name: Europol