Italian financial police are dismantling an alleged mafia-linked underground bank that laundered tens of millions of euros through cryptocurrencies, fake invoices and cross-border transfers.
The Guardia di Finanza of Milan and Monza Brianza, working with the Milan Anti-Mafia Directorate, targeted a network based in a car-rental business in Pero near Milan. The network involved members of the 'Ndrangheta groups in Crotone and the Casalesi Clan.
How the scheme allegedly worked
The scheme collected illicit cash from drug trafficking and tax evasion before issuing more than €110 million ($123.45 million) in false invoices through shell companies. The invoices were for services that were never provided, allowing businesses in industries such as logistics and construction to reduce their tax liabilities.
After the companies wired payments, the network returned the money in cash, minus a fee. Couriers delivered the cash, which came from tax evasion and drug trafficking.
Money held in the shell companies' bank accounts was transferred to lenders in Luxembourg, Lithuania and Germany before being routed through cryptocurrency exchanges and into digital wallets controlled by the organization.
Arrests and asset seizures
Authorities arrested 30 people on Wednesday in the investigation. The suspects face accusations of belonging to a criminal organization, with the alleged use of mafia-style methods serving as an aggravating factor. They allegedly sent about €68 million ($76.29 million) overseas, using digital assets to launder the illicit funds.
More than 350 officers participated in the operation, and authorities are moving to seize assets worth €21 million ($23.56 million). Spanish police are executing European arrest warrants, while Swiss authorities are working to apprehend another suspect.
