Brazilian police have launched Operation Veil of Maya, carrying out nine search and seizure warrants across Sao Paulo, Ribeirao Preto, Porto Alegre and Canoas, according to IBTIMES. The operation targets a money-laundering network linked to 87 shell companies.
Investigators said cryptocurrency was used mainly as a channel for moving funds across borders. Authorities allege the group received illicit proceeds through shell companies, converted the money into crypto assets, and then transferred those assets abroad.
Police said suspects could face charges including money laundering, tax evasion, participation in organized crime and other related offenses. Authorities have not disclosed the amount of money involved or the volume of assets seized.
The name of the operation comes from the philosophical idea of "Maya," described as an illusion that conceals reality.
Brazilian police have launched Operation Veil of Maya, executing nine search and seizure warrants in Sao Paulo, Ribeirao Preto, Porto Alegre and Canoas, according to IBTIMES. The operation is aimed at a money-laundering network involving 87 shell companies.
Crypto allegedly used for cross-border transfers
The investigation found that cryptocurrency mainly served as a tool for moving funds across borders inside the network. Authorities said illicit proceeds were received through shell companies, converted into crypto assets, and then transferred abroad.
Police have not disclosed the amount involved
The operation’s name comes from the philosophical concept of "Maya," described as an illusion that hides reality. Police said those involved could face charges of money laundering, tax evasion, participation in organized crime and other related offenses. The size of the funds involved and the quantity of seized assets have not been released.
This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan. Disclaimer:
The market information, project data, and third-party content displayed on this platform are for industry information sharing only and do not constitute any form of investment advice or return commitment.
Cryptocurrency trading carries high risks. Users should fully assess their risk tolerance and make independent decisions. All profits, losses, and legal responsibilities are borne by the users themselves.
