Italian police crack down on mafia-linked crypto money laundering network, 30 arrested, cross-border funds involved total about €68 million

October 21 - According to Bloomberg, Milan prosecutors said on Wednesday that authorities have taken arrest action against 30 people suspected of involvement in a mafia-linked underground banking network. The network allegedly transferred about €68 million in funds abroad and used cryptocurrency for money laundering, with the operation also involving Spain and Switzerland. The investigation showed that the network was based at a car rental business in Pero, near Milan, and was allegedly linked to the Italian mafia organizations 'Ndrangheta and Camorra. Those involved allegedly issued false service invoices through shell companies to help businesses evade taxes and obtain cash, then moved the funds through bank accounts, cryptocurrency exchanges and digital wallets.

Investigators also found that the network involved more than €110 million in false invoices and handled part of the proceeds from online crypto investment scams. Some of the funds were allegedly used to finance imprisoned mafia members.