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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.<\/p>\n
Investigators say the operation exposed an extensive criminal network that allegedly stretched across maritime shipping, offshore companies, luxury real estate, financial services and cryptocurrency.<\/p>\n
Businessman and senior police officer under investigation<\/span><\/em><\/p>\n According to Spanish judicial authorities, businessman Ignacio Tor\u00e1n allegedly coordinated the organisation.<\/p>\n Investigators also allege that \u00d3scar S\u00e1nchez, head of a Spanish National Police unit specialising in anti-money laundering investigations, worked closely with Tor\u00e1n.<\/p>\n Authorities claim S\u00e1nchez used his senior position to protect the organisation\u2019s activities. During a search of his home, investigators reportedly discovered around \u20ac20 million in cash concealed inside the walls.<\/p>\n 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.<\/p>\n Authorities trace alleged money laundering network<\/span><\/em><\/p>\n 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.<\/p>\n The investigation includes Alpha Trading, a company established in California in 2012 by American investor Ketan Seth and Francisco de Borb\u00f3n, a distant relative of Spain\u2019s King Felipe VI.<\/p>\n Authorities are examining whether the company facilitated financial transfers through bank accounts in Panama and other offshore jurisdictions.<\/p>\n Former NATO Supreme Allied Commander General Wesley Clark later became chairman of the company, which raised approximately US$200 million through a public offering.<\/p>\n 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 Borb\u00f3n had stepped down several months earlier.<\/p>\n Dubai property investments and cryptocurrency holdings<\/span><\/em><\/p>\n Investigators believe Tor\u00e1n established a network of companies in Spain and abroad that allegedly acquired luxury real estate.<\/p>\n Among the properties under scrutiny is a luxury residence valued at around \u20ac10 million at the W Residences development on Palm Jumeirah in Dubai, along with additional properties worth approximately \u20ac11 million.<\/p>\n 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 \u20ac10 million in value.<\/p>\n Fintech companies and \u201cnested banks\u201d examined<\/span><\/em><\/p>\n The investigation also focuses on financial technology companies and banking structures that investigators believe helped move funds across multiple jurisdictions.<\/p>\n 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.<\/p>\n Authorities are also examining two entities in S\u00e3o Tom\u00e9 and Pr\u00edncipe that allegedly operated as \u201cnested banks,\u201d enabling financial transactions through accounts held by other banks and making it more difficult to trace the origin and destination of funds.<\/p>\n Investigators estimate network imported 58 tonnes of cocaine<\/em><\/span><\/p>\n The record seizure follows another major operation in 2021, when Spanish authorities intercepted 1.6 tonnes of cocaine hidden inside fruit shipments.<\/p>\n 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.<\/p>\n 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.<\/p>\n 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.<\/p>\n The post Spain Cracks Cocaine Empire After Record 13-Tonne Seizure appeared first on Greek City Times.<\/p>\n