Italian police bust mafia-linked underground bank moving millions into crypto
Italian law enforcement has arrested 30 suspects tied to a car-rental business near Milan that allegedly operated as an underground bank, funneling €68 million into cryptocurrency across Italy, Spain, and Switzerland.
Italian authorities have dismantled an organized-crime money laundering operation that routed €68 million ($76 million) abroad while disguised as a car-rental company near Milan, according to Italian newspaper Il Sole 24 Ore as reported by Protos. The joint crackdown by the Guardia di Finanza and Monza Brianza police led to the arrest of 30 suspects across Italy, Spain, and Switzerland.[1][2][4]
Investigators state that the car-rental business functioned as an illicit underground bank for several crime syndicates, including the 'Ndrangheta, Camorra, and the "Fourth Mafia." Funds generated from drug trafficking, crypto scams, and tax evasion were pooled and routed into European bank accounts before crypto exchanges were used to convert the money into digital assets destined for suspect-controlled wallets. Part of the scheme's proceeds were allegedly used to support imprisoned mafia members.[1][5]
To obscure the origin of the capital before its conversion into cryptocurrency, shell companies issued approximately €110 million ($123 million) in bogus invoices for work that was never performed. Authorities have targeted or seized around €21 million ($24 million) in assets, and individuals taken into custody include a Milan-based lawyer and a driver for the Milan magistrates office.[1][2][3][5]
Key facts
- Italian police arrested 30 suspects in an international operation reaching Italy, Spain, and Switzerland.
- A car-rental company near Milan allegedly operated as an underground bank that moved €68 million ($76 million) into crypto.
- The scheme involved figures connected to the 'Ndrangheta, Camorra, and Fourth Mafia crime syndicates.
- Shell companies generated €110 million ($123 million) in false invoices to launder money before it was converted into cryptocurrency.
- Authorities targeted or seized approximately €21 million ($24 million) in assets, including crypto.
- A Milan magistrates office driver and a Milan-based lawyer were among those arrested in the probe.
Sources · 5 sources
- PR
ProtosArticle ·
Rent a car, launder crypto: Italian police bust $76M mafia scheme Italian police have busted a mafia-linked crypto laundering ring that moved €68 million ($76 million) out of the country under the guise of a Milan-based car rental company. According to Il Sole 24 Ore , the operation, carried out by the Guardia di Finanza and Monza Brianza, has seen 30 individuals arrested and stretches across Italy, Spain, and Switzerland. The scheme allegedly took funds from drug trafficking, crypto scams, fraudulent invoices, and general bank accounts, combined them, and moved them into European banks. Crypto exchanges were then used to convert the funds sending them onto wallets controlled by the suspects. A Milan-based car rental run by suspects with ties to the Ndrangheta and Camorra mafia groups was reportedly central to the plot. These suspects are alleged to have used their profits to support mafia members in prison. Members of one of Italy’s youngest mafia groups, the so-caled “Fourth Mafia,” were also reportedly involved. Shell companies generated false invoices Various shell companies used €110 million ($123 million) worth of false invoices, generated for businesses that never involved contracted work, to launder the funds before they were converted into crypto. Crypto Capital Corp’s $850M collapse linked to Israeli mafia cocaine ring Read more: Europol raids $24 million ‘mafia crypto bank’ The scheme attracted crypto scammers, drug traffickers, and tax evaders looking to launder their funds, and police are looking to make seizures totaling €21 million ($23.5 million). Two individuals, including a Milan magistrates office driver, and a Milan-based lawyer, have also been arrested. Just last week, Bank of America was fined $1.2 billion for failing to detect $5 billion worth of suspicious transactions that include funds linked to Chinese money laundering networks. American Express was also fined $350 million this month for allegedly processing billions of dollars in trade-based money laundering. Got a tip? Send us an email securely via Protos Leaks . For more informed news and investigations, follow us on X , Bluesky , and Google News , or subscribe to our YouTube channel. The post Rent a car, launder crypto: Italian police bust $76M mafia scheme appeared first on Protos .
Open source - CO
CoinMarketCap@CoinMarketCapPost on X ·
LATEST: ⚖️ Italian police seized €21M in assets including crypto and arrested 30 people over an alleged mafia-linked underground bank run from a car rental business near Milan. https://t.co/fKTLiD662K
Open source - DE
Decrypt@DecryptMediaPost on X ·
Italy Busts Mafia 'Secret Bank' That Laundered Money Through Crypto, Seizes $24M https://t.co/9MiHq4wl0j
Open source - TB
The Block@TheBlockCoPost on X ·
NEW: A car-rental business near Milan allegedly doubled as a mafia-linked underground bank moving dirty money into crypto. Italian authorities targeted 30 suspects in a probe into €68 million moved abroad, with the crackdown reaching Spain and Switzerland, Bloomberg reports. https://t.co/2JJlQpzvMY
Open source - DE
DecryptArticle ·
Italy Busts Mafia 'Secret Bank' That Laundered Money Through Crypto, Seizes $24M Police say a car-rental firm near Milan was an underground bank for 'Ndrangheta and Camorra figures, moving money abroad and into crypto.
Open source