‘Loads of money’ seized from Chinese gang in Spain

IN an operation conducted by the Guardia Civil, Spanish Tax Agency and Europol, more than €8 million in cash has been seized after 23 properties were raided.

The investigation, which started just over a year ago, studied the illicit importation of different goods from China into the European Union where they were sold without payment of import duties or other taxes and the money was then transferred back to China.

Apart from the €8 million in cash discovered, the investigation also uncovered that funds totalling more than €31 million had been transferred to the money launderer’s Chinese bases.

It is estimated that 75 per cent of all of the profits generated by this illegal activity left the European Union and apart from the arrest of 13 people in Spain, simultaneous raids also took place in Portugal and Romania with Spanish officials being seconded to assist the authorities in those two countries.