Italian police have broken up an alleged mafia-linked crypto laundering network that moved €68 million, about $76 million, out of the country through a Milan-based car rental company, according to Il Sole 24 Ore.
The operation was carried out by the Guardia di Finanza and Monza Brianza investigators. Authorities arrested 30 people, and the probe stretches across Italy, Spain, and Switzerland.
Car rental business allegedly sat at the center of the scheme
Investigators say the network handled money from drug trafficking, crypto scams, fraudulent invoices, and ordinary bank accounts. Those funds were allegedly pooled, moved into European banks, then converted through crypto exchanges and sent to wallets controlled by the suspects.
A Milan car rental company run by suspects with ties to the Ndrangheta and Camorra was reportedly central to the operation. The suspects are also accused of using profits from the scheme to support mafia members in prison.
Members of the so-called Fourth Mafia, described in the report as one of Italy’s youngest mafia groups, were also reportedly involved.
Shell companies allegedly issued €110 million in false invoices
Authorities say several shell companies generated €110 million, or about $123 million, in false invoices for businesses where no contracted work was ever carried out. Investigators allege those invoices were used to launder the money before it was converted into crypto.
The scheme reportedly drew crypto scammers, drug traffickers, and tax evaders seeking to clean their funds. Police are now looking to make seizures totaling €21 million, or about $23.5 million.
Driver and lawyer also arrested
Two other people were arrested, including a driver for the Milan magistrates office and a Milan-based lawyer.
Protos also pointed to recent U.S. enforcement actions
Protos noted that Bank of America was fined $1.2 billion last week for failing to detect $5 billion in suspicious transactions, including funds linked to Chinese money laundering networks. American Express was also fined $350 million this month for allegedly processing billions of dollars tied to trade-based money laundering.