The group was systematically preying on elderly Spanish citizens. The suspects posed as bank employees to contact victims and convince them of issues with their bank accounts.
This tactic, known as ‘vishing’—voice phishing—used phone calls to execute the scam.
After extracting basic information, the impersonator relayed it to other members of the criminal network, who then showed up at the victims’ doorsteps. Using scare tactics and social engineering, the fraudsters pressured victims into surrendering their payment cards and revealing PINs and bank details.
The criminals used stolen cards for ATM withdrawals and significant purchases, while also orchestrating account takeovers using pilfered bank details, the statement revealed. In some cases, they even invaded victims’ homes to seize cash and valuable items such as jewelry.
The fraudsters channeled stolen funds into multiple Spanish and Portuguese accounts, preparing for an elaborate money-laundering operation which included an extensive network of money mules to obscure the origin of the illicit funds.
The joint Spanish and Portuguese operation, coordinated by Europol, reportedly thwarted the criminal group’s plans for more aggressive tactics.
“As investigators closed in on the suspects and monitored their conversations, they heard them planning to use severe violence as a last resort to rob the victims,” the statement read.
Swift action was taken to apprehend the fraudsters across Spain and Portugal.
The Spanish National Police, Catalan Mossos d'Esquadra, and Portuguese Judicial Police conducted a series of 19 raids, seizing vital digital and physical evidence in their crackdown. Discoveries included computers, laptops, mobile phones, SIM cards, and even quantities of cannabis and cocaine.
During the operation, authorities froze bank accounts controlled by the criminals and apprehended one of the main targets red-handed.
“When police entered the house, he was sitting in front of his computer with the bank details of one of his victims up on the screen,” the statement recounted.