Italian financial police have dismantled an alleged mafia-run underground bank operating behind a car-rental business near Milan, processing more than €110 million in fake invoices and moving roughly €68 million abroad through banks and cryptocurrency, authorities said.
The operation, announced Oct. 21, 2026, led to 30 court-ordered restrictions and the seizure of approximately €21 million in assets, exposing financial ties between Italy’s most powerful criminal organizations.
Secret Banking Operation
According to ANSA, the car-rental business outside Milan served as a secret bank for some of Italy’s most powerful mafia groups. Italy’s Guardia di Finanza uncovered a criminal network responsible for more than €110 million ($128 million) in fraudulent invoices and approximately €68 million ($79 million) in international money transfers, some involving cryptocurrency.
Investigators say the underground banking operation ran for approximately three years. The operation involved arrests across multiple countries.
Headquarters and Key Figures
La Stampa reported that the alleged headquarters was in Pero, near Milan, where prosecutors say three men—Giuseppe Piscioneri, Paolo Pelaggi and Luigi Mercadante—directed the operation.
The suspects reportedly maintained connections to the ‘Ndrangheta, Camorra and Foggia mafia organizations, working alongside Chinese and Albanian associates. Investigators described a surprisingly organized operation, complete with spreadsheets tracking transactions, professional cash-counting machines, and couriers transporting large amounts of money.
Fake Invoices and Crypto Transfers
The scheme relied on businesses paying shell companies for services that never existed. Those payments created false expenses that could reduce taxes, while couriers returned cash to customers after deducting commissions of 2% to 5%.
Money remaining in company accounts traveled through European banks before reaching cryptocurrency exchanges and digital wallets controlled by the network. Some transactions involved the stablecoin USDT. Authorities also traced proceeds from drug trafficking and online cryptocurrency investment scams.
Proceeds and Arrests
Investigators allege some proceeds supported imprisoned mafia members and helped finance weapons purchases. The operation resulted in 16 detention orders and 14 house-arrest orders, with actions extending into Spain and Switzerland. More than 350 officers participated. A financial police inspector also faces corruption allegations involving a €3,000 payment.
The investigation remains active, and the accusations have not been established at trial.
