Spanish police have dismantled an illegal banking network that helped finance cocaine shipments, arresting 21 people in several countries including the Middle East. The "narcobank" uncovered assets worth €20 million, including bank accounts holding €2.3 million and properties valued at over €14 million. The investigation began with a 2021 seizure of 1.84 metric tons of cocaine on a vessel that was later sunk in northern Spain to conceal a further shipment. Authorities are still searching for 12 suspects, with Europol identifying one arrested individual as a high-value target.
Written by the local model on 2026-09-08,
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Story summary
Spanish police have dismantled a major network that facilitated cocaine trafficking, arresting 21 people in several countries including Spain, the UAE, Egypt, the Netherlands, and Sweden. The "narcobank" is suspected of financing cocaine shipments, moving money outside the banking system, using cryptocurrency for transactions, and providing money laundering services. Authorities seized assets worth €20 million ($23.2 million) and identified an underground banker as a high-value target. Without this network, drug trafficking on this scale would not have been possible, according to Encarna Ortega, chief anti-money laundering inspector. The investigation was supported by Europol and began with the 2021 seizure of 1.84 metric tons of cocaine aboard a vessel called Nehir.
Written for “Spanish Cocaine Trafficking Ring” on 2026-09-08,
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No political leaning scored for article 6916 · logged 2026-09-08
Spain dismantles 'narcobank' tied to cocaine trafficking ring
MADRID, Sept 8 -
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Spain → dismantle → ring
Spanish police said on Tuesday they had dismantled an illegal banking network that served some of Europe's biggest cocaine traffickers, arresting 21 people in several countries including in the Middle East and uncovering assets worth €20 million ($23.2 million).
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that → say → assets
The network, dubbed the "narcobank", is suspected of having financed cocaine shipments, moved money internationally outside the banking system, used cryptocurrency to settle transactions and provided money laundering services.
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network → dub → services
"Without this financing, these shipments could not be moved from one country to another.
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shipments → move → another
Drug trafficking on this scale would not be possible," chief anti-money laundering inspector Encarna Ortega told reporters.
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Ortega → tell → reporters
Authorities said 14 suspects were arrested in Spain and seven others in the United Arab Emirates, Egypt, the Netherlands and Sweden.
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suspects → say → Emirates
Twelve more suspects remain at large.
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suspects → remain → ?
Europol, which supported the investigation, said that among those arrested was an underground banker it identifies as a high-value target.
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it → support → target
The investigation stemmed from the 2021 seizure of 1.84 metric tons of cocaine aboard the vessel Nehir, which police said was later deliberately sunk in the northern Spanish port of Gijon to conceal a further shipment of 1.65 tons.
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police → stem → tons
Investigators seized 121 bank accounts holding €2.3 million, 48 properties valued at more than €14 million and luxury vehicles worth more than €1.6 million as well as other items.
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Investigators → seize → million
