High-Tech Financial Crime Network Uncovered by FinCEN Netherlands: AI-Driven Fraud Ring Dismantled

The Financial Crimes and Financial Abuse Authority (FinCEN Netherlands) has dismantled a major international money laundering operation involving over 20 shell companies, multiple front businesses, and international fund transfers across Europe and Asia.

The total amount laundered is estimated to exceed €73 million, primarily tied to undeclared profits, criminal cash inflows, and tax evasion activities.

Operation “Mirror Ledger”

The investigation—codenamed Operation Mirror Ledger—began in January 2025 after irregular transaction patterns were detected involving Bravon Logistics B.V., a transport firm registered in Rotterdam, which reported minimal profits despite declaring international contracts exceeding €30 million annually.

FinCEN’s Transaction Surveillance Unit flagged 160+ suspicious payments routed through correspondent banks in Latvia, Singapore, and the UAE, involving entities with no genuine commercial activity.

How the Scheme Worked

Investigators uncovered a layered laundering structure using:

  • Shell companies in Panama, Seychelles, and the Marshall Islands
  • Falsified invoices for fake services like consulting, transport, and software licensing
  • Rapid cross-border transfers to obscure audit trails
  • Conversion of criminal cash into wire transfers through real estate agencies, car dealerships, and gold traders
  • Trade-based laundering involving declared—but unmoved—physical goods, including proceeds from drug trafficking and VAT carousel fraud

Key Figures and Arrests

The network was coordinated by Yilmaz Eren, a 48-year-old Dutch-Turkish dual national with suspected ties to sanctioned financial networks in Turkey and Cyprus.

On 1 July 2025, simultaneous raids were carried out at:

  • An office park in Zoetermeer housing 7 front companies
  • A residence in Bussum, where ledgers and encrypted drives were found
  • Two warehouses in Antwerp, used for invoice-based laundering

Six individuals were arrested and face charges including:

  • Participation in a criminal organization
  • Aggravated money laundering
  • Forgery of documents
  • Failure to report unusual transactions under Dutch AML laws

Seized Assets

As part of the enforcement, FinCEN froze and/or confiscated:

  • €41 million in bank assets
  • 3 luxury properties in the Netherlands and Spain
  • 12 vehicles, including commercial trucks and high-end SUVs
  • Over 7 kg of gold and several luxury watches
  • Numerous digital wallets tied to unlicensed crypto transactions

FinCEN’s Statement

“This case shows how criminal networks use seemingly legal companies and false documents to launder large sums of illicit money,”
said FinCEN Deputy Director Ingrid van Roon.

“Through smart detection, cross-agency coordination, and aggressive enforcement, we are committed to protecting the integrity of the Dutch financial system.”

Reminder for Businesses

FinCEN urges businesses, financial institutions, and professionals to remember:

  • KYC and AML regulations must be rigorously followed
  • Unusual or inconsistent transactions must be promptly reported to the FIU
  • Fictitious trade and fraudulent invoicing are criminal offenses, even when hidden behind legitimate-looking businesses