- The October 21 operation hit 30 suspects and froze over €21 million in illicit assets.
- Investigating ‘Ndrangheta and Camorra links, police flagged €110 million in fake invoices.
- The suspects transferred €68M via crypto, but specific blockchains weren’t identified yet.
Italian financial police, the Guardia di Finanza (GdF), have broken up what investigators call a “hidden bank” for organized crime, uncovering an alleged international money-laundering ring that moved €68 million in crypto transfers.
The October 21 crackdown led to precautionary measures against 30 suspects and an emergency seizure order for over €21 million in assets.
According to ANSA’s report, the investigation involved suspected members of the ‘Ndrangheta, the Camorra, and the Foggia-based criminal groups known as the “Fourth Mafia.” Authorities also flagged over €110 million in presumably fake invoices.
Crypto Was Involved
Milan’s anti-mafia prosecutors are coordinating the investigation, which focuses on an alleged crime ring involved in international money laundering, tax fraud, bankruptcy offenses, drug trafficking, and weapons charges.
According to investigators, the ring used fake invoices to move money and hide where the illicit funds came from. Crypto was reportedly used to shift about €68 million across borders, but authorities haven’t said publicly which cryptocurrencies, exchanges, or blockchains were involved.
Over 350 officers from Italy’s GdF took part, backed by specialized organized crime and tech fraud units. Authorities issued 30 precautionary measures, and 16 suspects were ordered into custody, while 14 were put under house arrest.
The investigation is still ongoing, and none of the suspects have been convicted yet.
Operations were also conducted in Spain and Switzerland, alongside searches across several Italian provinces. The seized assets include cash, bank accounts, cars, boats, jewelry, luxury watches, and cryptocurrencies.
What the Case Means for Crypto
The investigation shows once again how crypto can be used as just one part of a larger money-laundering web that includes regular banks, shell companies, and paper money. So far, there’s no proof that any specific cryptocurrency or exchange was a part of the supposed activity.
That said, for investigators, figuring out which wallets and transaction routes were used could help show how the money moved across borders.
Until those details come out, the €68 million should be seen as the reported size of the presumed laundering operation, rather than a proven amount tied to a specific crypto network.
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