It comes after the 61 year-old was arrested on the island on Wednesday as part of an investigation into suspected money laundering that targeted the Hutch organised crime group.
Hutch was detained by Guardia Civil agents on Lanzarote yesterday morning.
Eleven searches were carried out in Spain and at a house in Clontarf in Dublin.
The arrest followed several searches of properties on Lanzarote, mainland Spain and Ireland.
On Lanzarote, the raids took place in Arrecife, Puerto del Carmen and Playa Blanca.
Gardaí also assisted the Guardia Civil in the operation, which relates to alleged money-laundering offences.
It is understood that several other arrests were made, but as the investigation is ongoing, details have been suppressed by a secrecy order imposed by a Spanish court.
The accused will appear in front of local magistrates today and tomorrow.
Crime reporter Gerard Couzens who's based in Spain says the charges may not be quite as clear as some people believe:
''There's differing information being given out. I understand that in Ireland they are saying its a money laundering investigation. The Spanish authorites are speaking about drug trafficking and human trafficking which was a bit of a surprise yesterday, but we'll really have to wait and see until more information is released as to the exact nature of the allegations against each one of the individuals concerned.''
