This, the fifth operation of its kind, took place between September and November and resulted in the identification of 3,833 money ‘mules’, as well as 386 controllers, of whom 228 were arrested, it said.


A total of 1,025 criminal investigations have been formally started, of which “many are still ongoing”, according to the agency, which said that losses of €12.9 million had thereby been avoided.


According to Europol, more than 650 banks, 17 banking associations and other financial institutions collaborated in the detection of 7,520 fraudulent transactions as part of the operation.


In addition to the police authorities of 31 countries, Europol worked with Eurojust – the European Union unit for judicial cooperation - and the European Federation of Banks, of which the Portuguese Association of Banks is a member.