Twenty flats and private companies were searched in Las Palmas, Alicante and other Spanish cities.
All those arrested are suspected of being part of a clan responsible for executions, money laundering and cocaine smuggling from South America to Spain and other European Union countries, Belgrade's media said.
Bojovic has reportedly been the leader of the Zemun Clan since April 2003, when this criminal organisation took part in the assassination of Serbian Prime Minister Zoran Djindjic.
He fled Serbia in June 2010 and was arrested in Valencia, Spain early this year. A procedure for his extradition to Serbia is under way.