Brazilian federal police said they targeted a drug trafficking ring that allegedly used cryptocurrency to launder proceeds, as part of Operation Commodity. Authorities said the group smuggled more than 6.5 tons of cocaine to Europe through the Port of Rio de Janeiro since 2021, hiding the drugs in shipments of coffee, cement and mortar. The operation spanned Sao Paulo, Minas Gerais, Santa Catarina and Espirito Santo, where police carried out 13 preventive arrest warrants and 44 search and seizure warrants. A court also ordered the seizure and freezing of assets worth up to 1 billion Brazilian reais, or about $196 million. Police said the group had links to Primeiro Comando da Capital, or PCC, and Comando Vermelho, or CV. Investigators alleged the suspects moved funds through shell companies and a luxury car dealership in the Greater Sao Paulo area that sold brands including Ferrari, Porsche, Corvette and Land Rover. According to police, the suspects used invoices without supporting documents to channel drug proceeds into Brazil’s financial system and then used cryptocurrency to conceal transactions. The suspects may face charges related to a transnational criminal organization, international drug trafficking and money laundering.
Brazilian federal police said they targeted a drug trafficking ring that allegedly used cryptocurrency to launder proceeds in Operation Commodity.
According to police, the group smuggled more than 6.5 tons of cocaine to Europe through the Port of Rio de Janeiro since 2021. The drugs were hidden in cargo shipments of coffee, cement and mortar.
The operation covered Sao Paulo, Minas Gerais, Santa Catarina and Espirito Santo. Police executed 13 preventive arrest warrants and 44 search and seizure warrants. A court also ordered the seizure and freezing of assets worth up to 1 billion Brazilian reais, or about $196 million.
Police said the organization was linked to Primeiro Comando da Capital (PCC) and Comando Vermelho (CV). Investigators said the ring laundered money through shell companies and a luxury car dealership in the Greater Sao Paulo area. The dealership sold vehicles including Ferrari, Porsche, Corvette and Land Rover.
Police said those involved used shell companies to issue invoices without supporting documentation, allowing drug proceeds to enter Brazil’s financial system. They also used cryptocurrency to conceal transactions. Suspects may face charges including participation in a transnational criminal organization, international drug trafficking and money laundering.
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