Europol-Backed Operation Targets ‘Dubai Bank’ Underground Banking Network
Europol has announced the results of an international operation targeting a sophisticated underground banking network suspected of financing drug trafficking and laundering criminal proceeds worldwide.
The investigation, led by the Spanish National Police and supported by Europol, has resulted in the arrest of 21 suspects for offences including participation in a criminal organisation, drug trafficking and money laundering.
An action day in Spain on 22 July 2026 led to 15 arrests. Spanish authorities also issued 19 international arrest warrants. Six have since been executed, resulting in four arrests in the United Arab Emirates, one in Egypt and one in the Netherlands.
Among those arrested is a person described by Europol as a High Value Target and a leading figure in an underground banking network known as the “Dubai Bank”. Europol said the network provided financial services to major drug trafficking operations.
Authorities identified, seized or froze approximately €20 million in assets, including 48 properties worth more than €14 million, high-end vehicles valued at over €1.6 million and 121 bank accounts containing around €2.3 million.
Operation DRAKKAR grew out of a 2021 cocaine investigation. Following the financial trail, investigators identified a network using brokers, companies, bank accounts, trade transactions, cash pooling and other settlement methods to move value for criminal organisations without requiring a direct physical cross-border movement of cash for every transaction.
The case provides a clear example of how underground banking can function as professional money-laundering infrastructure across multiple jurisdictions.
Sources
Europol, “Drug trafficking investigation leads to some of the world’s biggest underground bankers”, 8 September 2026.
