Spanish police have arrested five people in connection with a “crypto investment fraud ring” that laundered almost $540 million (€460 million) in illicit profits from more than 5,000 victims.

It followed a global investigation involving law enforcement from Spain, Estonia, France and the U.S that began in 2023.

Three people were detained following searches on the Canary Islands, while a further two arrests were made in Madrid.

A crypto specialist was deployed to Spain on the day of the raids, “contributing to the successful completion of the operation,” Europol said in a statement announcing the operation.

The ringleaders allegedly used associates around the world to raise funds through cash withdrawals, as well as transfers made from…