105 arrested for stealing > €12 million of US Banks

A criminal organisation set up shell companies in the United States and opened bank accounts for these companies. To gain the trust of the financial institutions, members of the criminal network made transfers to the US-based accounts from different locations in the EU. Based on this trust, the American-based banks issued debit and credit cards for these accounts. Retailers in on the scam, most of whom were in Spain, used the payment cards to finance the available credited amounts on the cards. To launder the stolen funds, they transferred them to different bank accounts, owned by members of the criminal network located in several EU countries. More than 50 American financial institutions became victims of these fraudulent activities losing over €12 million.

Read more about this article here: https://www.europol.europa.eu/newsroom/news/105-arrested-for-stealing-over-%E2%82%AC12-million-us-based-banks