by Stefan J. Bos, Worthy News Europe Bureau Chief

MADRID/AMSTERDAM (Worthy News) – Spanish police have helped dismantle what authorities described as one of the world’s largest criminal financial networks, known as the “Dubai Bank,” an underground banking system supporting major cocaine shipments and laundering proceeds for some of the biggest drug trafficking organizations.

The Spanish-led international investigation resulted in the arrest of 21 suspects on allegations including participation in a criminal organization, drug trafficking and money laundering, according to European Union law enforcement agency Europol.

Fifteen suspects were arrested in Spain during an operation in July, while six others were detained under international arrest warrants — four in the United Arab Emirates, one in Egypt and one in the Netherlands, Europol added.

Among those arrested was a leading figure in the “Dubai Bank,” whom Europol classified as a High Value Target because of the suspect’s alleged role in providing financial services for major drug trafficking operations worldwide.

Authorities identified, seized or froze assets worth about 20 million euros ($23.5 million), including 48 properties valued at more than 14 million euros ($16.5 million), luxury vehicles worth over 1.6 million euros ($1.9 million), and 121 bank accounts containing some 2.3 million euros ($2.7 million).

UNDERGROUND BANK

The “Dubai Bank” was not a conventional financial institution but a clandestine money-transfer network capable of making large amounts of cash available to criminal organizations in different countries within a short period, according to investigators.

Rather than physically transferring money across borders for each transaction, the underground banking system relied on brokers, companies, bank accounts, trade transactions, cash pools and transfers of other assets to move value between jurisdictions.

The network charged commissions that varied according to the transaction and perceived reliability of its clients. Investigators also uncovered the use of identifying tokens — often the serial number of a banknote — to authenticate cash handovers.

Spanish police described the investigation as a significant blow against the financial infrastructure supporting international cocaine trafficking.

“We have managed to tackle the financing of the so-called kingpins, the number one drug traffickers who flooded Europe with cocaine,” explained Chief Commissioner Alberto Morales of Spain’s Central Unit for Drugs and Organized Crime.

COCAINE SHIP

The investigation grew out of the interception of the vessel Nehir off Spain in 2021, when police discovered 1,835 kilograms (4,045 pounds) of cocaine and arrested all nine crew members.

Investigators subsequently discovered that another roughly 1,650 kilograms (3,638 pounds) of cocaine had been concealed aboard the vessel. Members of the criminal network are suspected of later entering the sunken ship and recovering the hidden drugs.

The cocaine had been loaded in South America, with plans to transfer the drugs at sea onto high-speed boats that would bring them ashore in Spain, investigators said.

Following the financial trail eventually led investigators beyond those directly involved in the cocaine shipment to financiers and money brokers suspected of enabling international trafficking operations.

Authorities from several countries participated in the investigation, including the Netherlands and Sweden, while Europol and international law enforcement agencies assisted the operation.

DUTCH DRUG VIOLENCE

The international crackdown comes just days after an extraordinary outbreak of suspected organized-crime violence in the Netherlands, where a 51-year-old man was shot dead and two police officers were wounded after dozens of armed and masked men descended on a property in the village of Overasselt.

Dutch media have linked the violence to the criminal network surrounding Jos Leijdekkers, nicknamed “Bolle Jos” (“Chubby Jos”), one of the Netherlands’ most wanted drug traffickers, although his lawyers strongly deny his involvement.

Leijdekkers is believed to be living in Sierra Leone, where media reports have linked him to the family of President Julius Maada Bio, including through a reported relationship with one of the president’s daughters.

Dutch authorities have sought his extradition after he was convicted in absentia for his role in international cocaine trafficking.

Authorities say they have not established a connection between the violence in Overasselt and the Spanish-led “Dubai Bank” investigation. However, both cases have highlighted mounting concerns over the enormous financial resources and extreme violence associated with Europe’s international cocaine trade.

The Netherlands has increasingly faced warnings from critics and investigators that it risks becoming a “narco-state,” amid concerns about organized crime, its relatively tolerant approach toward some drugs and its strategic position as a European transport hub that includes Rotterdam, one of the world’s largest ports.

Copyright 1999-2026 Worthy News. This article was originally published on Worthy News and was reproduced with permission.