Europol-Led Investigation Lead to Massive Money Mules Bust

Europol-Led Investigation Lead to Massive Money Mules Bust

Europol announced this Wednesday a joint investigation that has successfully busted an international network of money mules. The end result is 1803 arrests, and the acquisition of the data of a total of 18 351 money mules. Additionally, the investigation produces 2503 ongoing investigations, as well as identifying 324 recruiters of the mules. More than 7000 scammer transactions have been intercepted and the join task force has prevented a €67.5 million loss.

EMMA- as the investigation was known as- lasted more than 2 years, and was mainly coordinated by Europol. The EU enforcement agency additionally received help from 27 countries, along with INTERPOL, Eurojust, the FinTech FinCrime Exchange, and the European Banking Federation (EBF).

A couple of major financial firms and private companies helped along with the investigation. In that number were Microsft and WesternUnion. Their combined aid helped the join force bust the money laundering activities that the money mules were maintaining.

Money was extorted from a number of illicit activities, including online scams, forex schemes, phishing activities, e-commerce frauds, and more. The mules then proceeded to launder the stolen money.

The investigation also discovered another important aspect of the money mules’ job – to open overseas bank accounts. The transporters of illicit funds were also international travelers who went to remote locations with the task of opening and maintaining offshore bank accounts.

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