A shipment of bananas from Latin America has become the starting point of one of the largest international investigations into drug trafficking and money laundering. According to a Bloomberg investigation, the case links Spanish ports to US companies, luxury properties in Dubai, offshore structures and cryptocurrency transactions.
It all started in the fall of 2024, when Spanish authorities seized around 13 tons of cocaine hidden in a shipment of bananas at the port of Algeciras. It was the largest cocaine seizure in Spanish history and one of the largest ever recorded in Europe.
The subsequent investigation uncovered a suspected international money laundering network that, according to documents reviewed by Bloomberg, stretched from Spain to Panama, Ireland, Dubai and the United States.
According to Spanish authorities, the central figure of the network is Ignacio Toran, who is suspected of collaborating with Oscar Sanchez, the former head of the anti-money laundering unit in the Spanish National Police. Investigators allege that Sanchez used his position to help the criminal organization. During a search of his apartment, around 20 million euros were found hidden in the walls. Both are in custody, while their lawyers have objected to the way some evidence was collected.
The investigation also names Francisco de Borbón, a distant relative of Spain's King Felipe VI, and American investor Ketan Seth. According to investigative documents, both were directors of the California-based company Alpha Trading, which was allegedly used to channel funds through offshore accounts in Panama.
In 2025, Seth and De Borbón founded Blue Acquisition Corp., a SPAC focused on data center and artificial intelligence investments. The company raised about $200 million through an initial public offering (IPO). However, Bloomberg notes that Blue Acquisition Corp. is not under investigation and has not been accused of any wrongdoing. Seth resigned from the company in June 2026, while De Borbón no longer holds an advisory role.
Luxury villas in Dubai and cryptocurrency
According to investigators, Toran had set up a network of companies in Spain and abroad to hide ownership of assets. Among them was a residence worth around 10 million euros in the luxury W Residences complex on the Palm Jumeirah, as well as other properties in Dubai worth a total of around 11 million euros.
Authorities suspect he also owned at least 10 million euros worth of Bitcoin, while the network used Bitcoin, Tether and other cryptocurrencies to transfer funds. Investigative documents mention companies in Ireland, Panama and São Tomé and Príncipe, which allegedly served to hide the origin of the money.
One of them is ET Fintech Europe Ltd., based in Ireland. Investigators allege that the company was controlled by a criminal organization, while its executives have categorically denied the allegations and stated that they have cooperated with the authorities. The investigation also mentions two entities in São Tomé that presented themselves as online banks, but were not licensed by the local financial authorities.
According to Bloomberg, some of the people involved are under investigation, but no criminal charges have been filed against them so far. Spanish authorities suspect that the network used companies, offshore banks, cryptocurrencies and complex financial structures to hide the origin of drug money and give the funds the appearance of legitimacy. Security experts say the case illustrates how modern criminal organizations combine the legal and illegal economies, using companies, financial institutions and advanced technologies to launder the proceeds of criminal activities.
