The Spanish National Police, the Spanish Tax Agency and Europol recently arrested 5 suspects in Valencia for their links to a criminal organization responsible for laundering over €45 million ($52m). Additionally, the authorities searched 2 houses, froze 35 bank accounts, and seized 16 properties, 2 luxury cars and €21,000 ($24,263) in cash.
During this joint investigation which began in 2017, the authorities found that a crime family was running a Spanish interior design and building decoration company that had introduced over $52 million in corruption-related illicit proceeds into the Spanish financial sector. This company, which lacked personnel and infrastructure, was selling items at prices much higher than the market value.
As part of this illicit operation, the criminal organization bribed frontmen operating in third countries. The organization also concealed the massive increase in its assets through a corporate structure that concealed the final destination of the illicit proceeds. The criminals also purchased various properties in Valencia to launder a large portion of the illicit proceeds.