Seven Dutch arrested in investigation into drug trafficking and underground banking

Police arrested seven suspects on Tuesday and Wednesday as part of a large-scale international investigation into drug trafficking and underground banking. In total, around 40 men and women were arrested, including in countries such as France and Romania.

The suspects arrested in the Netherlands are from The Hague, Amsterdam, Waardenburg, Rucphen, Hellouw, and Romania, according to the Oost-Nederland police. The department collaborated with the financial crimes inspectorate FIOD to conduct the Dutch part of the investigation.

The apprehended suspects are believed to be central figures within an underground banking network. These underground banks convert cash into cryptocurrencies or invest it in assets. The clandestine network allows for global transactions without the need for money to cross national borders.

Drug traffickers exploit such banking networks to launder illicit funds and purchase luxury items. The network taken down this week is said to have processed millions of euros in ill-gotten gains each month.

In 2022, police discovered criminal activity after intercepting encrypted messages on special phones. By dismantling the underground banking network, the police also uncovered a cocaine trafficking network. Over the past week, the investigators conducted searches at houses properties, business premises, and vehicles. During these operations, police in Hellouw, Gelderland found more than one million euros in cash.

Overall, they discovered over 2 million euros, as well as a luxury whiskey collection and expensive watches. Assets were seized on bank accounts and real estate. Police also discovered hidden compartments in some of the vehicles they searched.