Spanish authorities have uncovered one of Europe’s most sophisticated alleged drug trafficking and money laundering operations after seizing nearly 13 tonnes of cocaine concealed inside banana containers shipped from Latin America.
The investigation began in autumn 2024 at the Port of Algeciras in southern Spain, where authorities intercepted what became the largest cocaine seizure in Spanish history and one of the biggest ever recorded in Europe.
Investigators say the operation exposed an extensive criminal network that allegedly stretched across maritime shipping, offshore companies, luxury real estate, financial services and cryptocurrency.
Businessman and senior police officer under investigation
According to Spanish judicial authorities, businessman Ignacio Torán allegedly coordinated the organisation.
Investigators also allege that Óscar Sánchez, head of a Spanish National Police unit specialising in anti-money laundering investigations, worked closely with Torán.
Authorities claim Sánchez used his senior position to protect the organisation’s activities. During a search of his home, investigators reportedly discovered around €20 million in cash concealed inside the walls.
Both men remain in pre-trial detention. Prosecutors have not yet filed formal charges, while their lawyers deny any wrongdoing and dispute the evidence gathered during the investigation.
Authorities trace alleged money laundering network
Spanish investigators have expanded the case beyond drug trafficking and are examining an alleged financial structure that prosecutors believe converted illicit profits into legitimate assets.
The investigation includes Alpha Trading, a company established in California in 2012 by American investor Ketan Seth and Francisco de Borbón, a distant relative of Spain’s King Felipe VI.
Authorities are examining whether the company facilitated financial transfers through bank accounts in Panama and other offshore jurisdictions.
Former NATO Supreme Allied Commander General Wesley Clark later became chairman of the company, which raised approximately US$200 million through a public offering.
However, investigators have not named Alpha Trading as a defendant, and the company faces no criminal allegations. Seth resigned from the company in June 2026, citing personal reasons, while Francisco de Borbón had stepped down several months earlier.
Dubai property investments and cryptocurrency holdings
Investigators believe Torán established a network of companies in Spain and abroad that allegedly acquired luxury real estate.
Among the properties under scrutiny is a luxury residence valued at around €10 million at the W Residences development on Palm Jumeirah in Dubai, along with additional properties worth approximately €11 million.
Authorities also allege that the organisation conducted substantial financial transactions using Bitcoin, Tether and other digital assets. Investigators estimate that cryptocurrency linked to the principal suspect exceeds €10 million in value.
Fintech companies and “nested banks” examined
The investigation also focuses on financial technology companies and banking structures that investigators believe helped move funds across multiple jurisdictions.
One company under examination is Ireland-based ET Fintech Europe Ltd. Company representatives deny any involvement in illegal activities, stating that the business develops digital banking services and fully cooperates with investigators.
Authorities are also examining two entities in São Tomé and Príncipe that allegedly operated as “nested banks,” enabling financial transactions through accounts held by other banks and making it more difficult to trace the origin and destination of funds.
Investigators estimate network imported 58 tonnes of cocaine
The record seizure follows another major operation in 2021, when Spanish authorities intercepted 1.6 tonnes of cocaine hidden inside fruit shipments.
Investigators estimate that between 2020 and 2024 the alleged organisation imported approximately 58 tonnes of cocaine into Spain. They estimate the drugs could have generated more than US$3.5 billion in retail sales.
The investigation also references the creation of Blue Acquisition Corp., a special purpose acquisition company (SPAC) established in 2025 to invest in artificial intelligence infrastructure and data centres.
According to experts cited by Bloomberg, the case illustrates how sophisticated criminal organisations increasingly exploit legitimate businesses, offshore structures, financial institutions, logistics companies and digital assets to conceal illicit profits before integrating them into the legal economy.
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