European investigators have dismantled an international ring of drug smugglers, seizing almost 400 kilograms of cocaine worth more than 100 million euros (118 million dollars).

A total of 40 suspects in Spain, Morocco and Germany have been arrested, the European Union law enforcement agency Europol said in a statement released on Friday.

Authorities also seized more than 13 million euros in cash and 18 luxury cars in the bust.

The crime ring, which was also involved in money laundering, was based in Venezuela and run by a Spanish national, who is still at large.

The group used boats with false bottoms to smuggle cocaine into Spain and other methods to send the money back to Venezuela.

Investigators and customs officers in the United States, Germany, Italy and Morocco were involved in the operation, which was headed by the Spanish police.