Lawyer linked to Sweden arrested in Mallorca for money laundering of 10 million euros
The National Police have arrested a lawyer in Palma on suspicion of money laundering from proceeds of an international cryptocurrency fraud. The operation has now resulted in six arrests.
Lawyer linked to Sweden arrested in Mallorca for money laundering of 10 million euros
The National Police have arrested a lawyer in Palma who allegedly participated in the laundering of more than 10 million euros from an international cryptocurrency fraud. The illicit funds were allegedly used to acquire luxury real estate in the centre of the Balearic capital.
According to investigations, the detainee established shell companies in Singapore, the United Arab Emirates and Hong Kong in order to conceal the origin of the money. He also obtained a notarial power of attorney from Panama to purchase a penthouse in Palma on behalf of the ringleader of the scheme, whose parents wished to spend their holidays in Mallorca.
This arrest brings the number of arrests in the so-called "Operation Cliff" to six. In April, five people were already detained, including three Swedish businessmen, as well as an accountant and a tax adviser from Mallorca. All of them allegedly formed part of a network of shell companies that introduced illicit money into the legitimate economy.
The authorities have so far seized seven properties, a vessel, a high-end vehicle and bank accounts both in Spain and Sweden. The total value of the seized assets is estimated at around 15 million euros. Among the confiscated properties is an entire building in the El Terreno neighbourhood.
Initially, the fraud funds passed through banking entities in Singapore, Georgia, the United Arab Emirates and Sweden before being invested in Mallorca. The organisation acquired properties in poor condition, renovated them and resold them in the luxury segment, although the plan failed when the underlying pyramid scheme collapsed.
The mastermind of the fraud fled to Southeast Asia, but was later captured and extradited to the United States, where he confessed to the crimes. He is currently serving a 20-year prison sentence.
Source: Sydkusten
Source: Google News SE — Crime (sv)