Brian Charrington was arrested along with his girlfriend and son as part of a police operation in which 13 people were detained between Spain and Venezuela.
It was not immediately clear when Charrington, a former car dealer from Middlesborough in northern England, had been arrested.
Police also said they had seized 220 kg (485 pounds) of cocaine from an apartment in Alicante, on Spain's east coast, and blocked bank accounts, property and goods worth over 5 million euros.
Spain remains a popular destination for British criminals, who exploited the lack of an extradition treaty between the two countries for several years until 1985. Police arrested British fugitive Mark Lilley in Malaga last week.
Spanish police worked with forces from Venezuela, Colombia, Argentina and Britain in the operation, with the support of AMERIPOL.
© Thomson Reuters 2013