28 detained in Madrid money laundering investigation

Twenty-eight people have so far been arrested in connection with a large scale money laundering network operating in Madrid.

The investigation began back in April 2010 when police learned of intense criminal activity being carried out by a man named Jorge P.P., also known as ‘Jorge the Terrible’.

Further investigation led to the discovery that Jorge the Terrible, his wife Minerva and several other family members had organised a financial network to launder money through ‘locutorios’, the funds being transferred to South America.

They set up a management company to funnel ill-gotten gains from criminal organisations to recipients in South America, the money being disguised as savings belonging to immigrants.

It is thought that the amount of money involved is in the region of €100 million.

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes:

<a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>

This site uses Akismet to reduce spam. Learn how your comment data is processed.

%d bloggers like this: