UAE, Sweden Arrest Seven Over $7.1M Crypto Laundering Ring Linked to Contract Killings

In brief

• A Swedish national wanted under an Interpol Red Notice was arrested in the UAE, with six others detained in Sweden.
• The network handled about 70 million Swedish krona ($7.1 million) over 10 months.
• Crypto was used to move and conceal the funds, and tracing it led investigators to other crimes.

Police in the United Arab Emirates and Sweden have arrested seven people over an international money laundering network, and say following its cryptocurrency transactions led them to organized crime and contract killings.

The alleged leader, a Swedish national who had fled the country and was wanted under an Interpol Red Notice, was tracked down and detained in the UAE, the Emirates News Agency reported, citing the Ministry of Interior. Six other suspected members were arrested in Sweden at the same moment, with legal proceedings opened against all seven. The ministry has not named any of them.

The network handled about 70 million Swedish krona ($7.1 million), over ten months, the ministry said, dealing in cash proceeds from criminal activity and redirecting them to other criminal entities, while using cryptocurrencies "to transfer and move the value of those funds."

The crypto evidence chain