Joint police raid busts suspected money laundering gang

It is estimated that more than 60 investors in Germany and elsewhere were swindled out of CHF10 million. Keystone

A joint police raid in Germany, Switzerland and Spain on Tuesday caught a gang suspected of fraud and money laundering. Searches carried out in all three countries led to the arrest of four people.

This content was published on January 30, 2019

On Wednesday, the Attorney General of Cologne in Germany, who coordinated the operation, indicated that the four arrests were made in Germany and Spain. The raid was part of a covert operation over four years involving fourteen suspects.

It is estimated that more than 60 investors in Germany and elsewhere were swindled out of CHF10 million ($10 million), according to investigators.  The gang is suspected of also extending activities into Italy, where a separate investigation is underway.

The coordinated police raid included numerous searches in private homes and businesses in Germany, Switzerland and Spain. The agents seized 14 breeding horses and other valuables from one of the suspects.

An international warrant was used to arrest the four people. One suspect in Germany has been released for medical reasons. Bank accounts for the suspects have been blocked.

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