The Spanish police have arrested around 45 people who are believed to be members of an online fraudulent group that executes twenty websites to defraud at least 200 people of 1,500,000 Euros ($1.73 million).

The concurrent weekend raids took place in different provinces of Spain and were the result of lengthy research that starts in July 2019.

Fascinating with Low-Priced Electronics 

The attackers created at least twenty different illegal web portals where they offered different consumers electronic products at an alluringly low cost. When the victims made purchases, the money went to bank accounts that belonged to other victims who were forced by the criminals to act as “money mules.”

The attackers utilized the order information to contact the person who made the purchase and told them that they had been scammed. Afterward, they alerted the victim that the only way to get their amount back was to become “money mules” themselves.

These people were coerced to open new bank accounts and issue “clean” credit cards, and then send them to various PO boxes in the Republic of Benin.

The money was withdrawn at ATMs in Benin, with the actors hoping that the West African country would be far from any kind of scrutiny. In some cases, the money mules were happy with the commission they received and opened more bank accounts voluntarily.

In other cases where victims weren’t as cooperative, the criminals had to deliver death threats or use forged contracts that presented them as legitimate moneylenders, tricking victims into thinking they operated in a legal context.

Why are they Offering French loans?

The other type of illegal operation of the same ring came in the form of online loan advertisements posted and advertised on social media. The actors posed as French financiers and offered loans on the condition of receiving a small deposit that was supposedly required for covering loan application commissions and relevant expenses.

These ranged between 500 and 1,000 Euros ($580 – $1,150), and at least 200 people sent these amounts to the crooks in the hope of receiving a loan.

Apart from that deposit, the victims were directed to obtain a new credit card and send it to Benin, together with the matching online banking credentials. The Spanish police suggest strong links between this particular group and others in Germany, Austria, France, and Poland, and so the inquiries will continue in collaboration with Interpol and Europol.