Spain Dismantles Underground “Dubai Bank” Network Linked to International Drug Trafficking

Spanish authorities have dismantled an international underground banking network known as the “Dubai Bank”, arresting 21 suspects and identifying, seizing or freezing assets worth approximately €20 million in a multinational investigation into drug trafficking and money laundering.

The investigation was led by Spain’s National Police with support from Europol and law enforcement authorities in several countries. The network is alleged to have provided financial services to criminal organisations involved in international drug trafficking, including the financing of major cocaine shipments and the movement of criminal proceeds between countries. The investigation remains ongoing and the allegations against those detained have not been finally determined by the courts.

The investigation, known as Operation DRAKKAR, began following the seizure of 1,835 kilograms of cocaine from the vessel Nehir off the Spanish coast in February 2021. The nine crew members on board were arrested and the vessel was subsequently towed to the port of Gijón. Investigators later established that a further 1,650 kilograms of cocaine had been concealed on the vessel. The additional shipment was subsequently recovered after the vessel sank.

The investigation subsequently expanded beyond the drug shipment and focused on the financial structures believed to have supported the trafficking operations. Authorities identified an underground banking network referred to as the “Dubai Bank”. According to Europol, the network was suspected of making substantial sums available to criminal organisations in different countries within short periods and of providing financial services connected to major drug-trafficking operations.

The term “Dubai Bank” refers to the clandestine financial network identified by investigators and not to a licensed banking institution. The network allegedly operated as an underground financial structure capable of providing funds to criminal organisations and handling proceeds generated from criminal activities.

One of the principal figures identified in the investigation was described by Europol as a High Value Target. The suspect was allegedly a leading figure in the underground banking network and is believed to have provided financial services to major drug-trafficking operations around the world. The individual was among those arrested during the international operation.

The main enforcement action in Spain took place on 22 July 2026. Spanish authorities also issued 19 international arrest warrants for suspects located outside the country. According to Europol, six of those warrants had subsequently been executed, resulting in four arrests in the United Arab Emirates, one in Egypt and one in the Netherlands.

Overall, 21 suspects were arrested in connection with the investigation. The suspects are being investigated for offences including participation in a criminal organisation, drug trafficking and money laundering. Spanish authorities coordinated the operation with international law enforcement agencies, including authorities in the Netherlands, Belgium, the United States and the United Kingdom.

The financial investigation resulted in the identification, seizure or freezing of approximately €20 million in assets. These included 48 properties with a combined value of more than €14 million, high-value vehicles worth more than €1.6 million and 121 bank accounts containing approximately €2.3 million.

Authorities also reported the seizure or blocking of more than €39,000 in cash, together with watches, jewellery, luxury handbags, mobile telephones and other items. A luxury property in Ibiza was among the assets identified during the investigation and was suspected by investigators of having been acquired using proceeds from illegal activities.

The investigation also established alleged links between the underground financial network and four prominent suspected drug traffickers. One of those identified was a Spanish national known by the nickname “El Tigre”, who remains wanted by authorities.

Cryptocurrency analysis formed part of the investigation. Specialists from several countries worked together to examine cryptoasset transactions connected with the suspects. The work was conducted with the support of Europol’s Operational Task Force TOKEN, which was established to support investigations involving financial activity connected to organised crime.

According to the information released by the authorities, the analysis of cryptoasset activity helped investigators identify the payment associated with the cocaine shipment that had initially triggered the investigation. The publicly released information does not identify the specific virtual assets, wallet addresses or transaction values involved in that payment.

International cooperation was a significant component of the investigation. In addition to Spanish authorities and Europol, agencies from the Netherlands, Belgium, Sweden, the United States and the United Kingdom participated in different aspects of the investigation. The United States Drug Enforcement Administration was also involved, while Interpol assisted with the international arrest warrants.

The operation resulted in arrests in several jurisdictions and the identification of assets held in different forms. The financial investigation therefore extended beyond bank accounts to property, vehicles, cash, luxury goods and cryptoasset activity associated with the individuals under investigation.

Spanish authorities have described the investigation as targeting the financial infrastructure supporting international drug-trafficking organisations. Rather than focusing exclusively on the physical movement of narcotics, investigators followed the financial activity associated with the trafficking operations and identified individuals allegedly responsible for providing underground financial services.

The investigation remains open, and authorities have indicated that additional actions and arrests remain possible. The assets identified during the operation remain subject to the relevant judicial proceedings, and the measures taken against the properties, accounts and other assets do not constitute final confiscation following a conviction.

The case represents an international law enforcement operation involving Spain and several other jurisdictions against a clandestine financial network allegedly connected to organised drug trafficking. At the time the operation was publicly detailed, 21 suspects had been arrested and approximately €20 million in assets had been identified, seized or frozen. Judicial proceedings concerning the suspects and the assets remain ongoing.

By fLEXI tEAM