Thirteen tons of cocaine hidden in bananas were seized in Spain, the country's largest bust on record. The investigation by Bloomberg traces the money trail through a collapsed Dublin-based fintech, Leveris Limited.
The company, which carried €38 million in debts, is central to the probe. Its former CFO, Oliver Herrmann, and other board members are under investigation. A second Dublin fintech, ET Fintech Europe Ltd., has also drawn scrutiny, linking the case to Dubai.
Authorities have identified a luxury property portfolio in Dubai worth approximately €21 million connected to suspects. This includes a €10 million mansion on Palm Jumeirah.
The probe carries additional weight due to its proximity to the Kinahan cartel, a US-designated transnational criminal organization. While no cryptocurrency use has been confirmed in this operation, the involvement of fintech firms creates reputational risk for the digital asset industry.
The case serves as a critical lesson in due diligence for investors, highlighting red flags like unexplained corporate debts, board investigations, and suspicious luxury assets.