The July 14, 2026 investigation traces connections from the November 2024 Algeciras drug bust to Leveris Limited, Dubai real estate and U.S.-based financiers, while key executives remain uncharged.
Bloomberg’s July 14, 2026 investigation ties the fallout from Spain’s record 13-ton cocaine seizure at the port of Algeciras on November 6 and 7, 2024 to a broader financial network spanning Ecuadorian banana shipments, Dubai real estate, Wall Street-linked financiers and the collapsed Irish fintech Leveris Limited. Leveris, founded in 2014 as a financial technology firm that built core banking software for financial institutions, collapsed in 2021 with €38 million in debts. Bloomberg reported that former Leveris executives were connected to individuals linked to the Kinahan cartel, a criminal network designated by the U.S. Treasury Department in 2022 as a transnational criminal organization. Former CFO Oliver Herrmann is under investigation, and by May 2025 two Leveris board members had also been reported as subjects of investigation over alleged ties to the Spanish drug bust. None of them has been charged, and authorities are still examining what roles, if any, they played. The report also points to U.S.-based financiers whose relationships to the network remain under scrutiny. While the case includes a crypto angle through digital finance infrastructure, no specific tokens, protocols or crypto-native firms were identified as central to the allegations. The episode stands as a due diligence warning for investors and counterparties assessing fintech firms with hidden legal and compliance risks.