An investigation by Bloomberg Business has revealed alleged connections between the record seizure of 13 tons of cocaine in Spain, US financiers, elite real estate in Dubai, and an Irish cryptocurrency-related fintech company. This incident began with a banana shipment in Spain.
Officials from the Spanish Tax Agency and National Police reported that 13,062 kilograms of cocaine were intercepted at the port of Algeciras in October 2024. The substance was hidden inside a container arriving from Guayaquil, Ecuador, which was allegedly transporting bananas.
According to officials, the actual banana crates were used as cover, and bricks of cocaine were packed in identical boxes behind them. The operation resulted in one arrest, five searches in Madrid and Alicante, and the police issued arrest warrants for two executives of the importing company.
The AP agency initially reported this as the largest anti-narcotics operation in Spain's history. The Guardian, citing the Spanish National Police, noted that this shipment was the second-largest seizure in Europe and one of the largest globally.
According to the Bloomberg review, this cocaine shipment uncovered alleged links between US financial circles, Dubai real estate, and an 'Irish fintech company dealing in cryptocurrencies.' Bloomberg's investigation identified this Irish company as Leveris Limited, a Dublin-based fintech company founded in 2014 that went bankrupt in 2021 with debts of approximately 38 million euros (about 779 million riyals).
The report indicates that former CFO Oliver Herrmann and several board members are under investigation, although formal charges have not yet been filed against them. Another Dublin-registered entity, ET Fintech Europe Ltd., also came into focus, and it is reported that one of its directors, Juan Angel Servera Muñoz, was arrested in Dubai.
Real estate linked to individuals under investigation is valued at approximately 21 million euros (about 431 million riyals) in Dubai, including a mansion on Palm Jumeirah worth 10 million euros (about 205 million riyals). Furthermore, there is an organized crime fund. In 2022, the U.S. Department of the Treasury classified the Kinahan Organized Crime Group as a significant transnational criminal organization, noting that it smuggles cocaine into Europe and uses Dubai as a hub for illicit activities.
Bloomberg emphasizes that having a name in the investigation does not imply guilt. However, the money trail highlighted in the report is part of the same international ecosystem that law enforcement agencies have been trying to control for many years.
