Forty-nine suspected members of a cybercrime syndicate in Spain, Poland and Italy, suspected of stealing millions of euros from European bank accounts, have been arrested according to Europol.

The Hague-based European police agency said in a statement that police raided 58 locations as part of the investigation into online "phishing" scams used to transfer money from bank accounts across Europe.

"The parallel investigations revealed international fraud totaling 6 million euro accumulated within a very short time," the statement said.

The scammers, mainly from Nigeria and Cameroon, transferred the illicit profits outside of the European Union through a sophisticated network of money laundering transactions.

Source: Reuters