Italian police arrested 30 people alleged to be part of an underground banking operation serving organized crime, following a major raid at a car-rental business near Milan. Authorities seized €21 million in assets that included cash, bank balances, cryptocurrencies, boats, jewelry, and luxury watches.
Criminal network targeted in Milan
The operation was spearheaded by the Guardia di Finanza, Italy’s financial police, acting on orders from Milan’s anti-mafia prosecutors. It focused on individuals connected to the ‘Ndrangheta and Camorra syndicates, as well as criminal groups from Foggia in southern Italy.
A total of 30 people were detained, with 16 placed in custody and 14 under house arrest. Investigators made arrests not only in Italy but also in Spain and Switzerland as the probe tracked the network’s international reach.
Prosecutors stated that the business, located in Pero outside Milan, was managed by three Italians: two reputed associates of ‘Ndrangheta clans from Crotone with earlier convictions for mafia-related crimes, and a third person associated with the Camorra’s Casalesi clan. The network also included Chinese and Albanian collaborators, according to official reports.
Mini dictionary: ‘Ndrangheta and Camorra, Italy’s two most powerful organized crime syndicates, operate in different regions—’Ndrangheta in Calabria, Camorra in Campania—and have expanded operations globally, especially in money laundering and international drug trafficking.
Fake invoices and crypto transfers
Investigators revealed that the group set up shell companies which issued fraudulent invoices totaling more than €110 million for services that were never delivered. Businesses used these fictitious invoices to lower their tax bills, transferring payment by bank wire. The shell companies would then return the majority of the funds in cash, after deducting a commission.
According to prosecutors, approximately €68 million was moved abroad through a complex web of transfers. Assets were sent from accounts held by the shell companies to banks in Luxembourg, Lithuania, and Germany, before being routed through various crypto exchanges into wallets under the network’s control.
| Asset Type | Seized Value | Key Jurisdictions Involved |
|---|---|---|
| Cash, bank balances, crypto, boats, jewelry, watches | €21 million | Italy, Spain, Switzerland, Luxembourg, Lithuania, Germany |
Drug traffickers used the network by exchanging cash for cryptocurrency or international bank transfers. The group also allegedly laundered funds stolen from victims of online crypto investment scams.
Prosecutors said that the criminal network processed over €110 million in fake invoices and transferred about €68 million overseas, moving much of it through crypto exchanges to launder the proceeds.
Officials and insiders implicated
The investigation also uncovered alleged internal support. Those detained include a Guardia di Finanza inspector placed under house arrest on accusations of corruption. Authorities stated that a Milan court employee is accused of leaking sensitive information about ongoing investigations. Additional suspects include a practicing lawyer and a former member of the financial police.
The Guardia di Finanza’s technology fraud unit supported the investigation, which is detailed in a court filing exceeding 500 pages.
Mini dictionary: Guardia di Finanza is Italy’s financial law enforcement agency responsible for crime related to tax evasion, mafia activity, money laundering, and financial fraud.
Authorities warn of increased mafia involvement in crypto
For several years, Italian authorities have described a growing use of digital assets by organized crime groups. In 2021, Italy’s Anti-Mafia Investigative Directorate observed that criminal organizations, including mafia syndicates, are increasingly leveraging cryptocurrencies and technology like the deep web for their operations.
Italy’s Anti-Mafia Investigative Directorate described the ‘Ndrangheta as “growing more and more attuned to modern tools like cryptocurrency and the deep web.”
