Italian police have busted a mafia-linked cryptocurrency laundering ring that allegedly moved €68 million, or $76 million, out of Italy under the cover of a Milan-based car rental company. The operation, carried out by the Guardia di Finanza and Monza-Brianza police, resulted in 30 arrests across Italy, Spain, and Switzerland. Funds from drug trafficking, crypto scams, fraudulent invoices, and ordinary bank accounts were allegedly transferred to European banks and then converted into cryptocurrency through crypto exchanges. Shell companies reportedly generated false invoices worth €110 million, while the suspects are accused of using their profits to support imprisoned members of the Ndrangheta and Camorra groups. Authorities are also seeking to seize assets totaling €21 million.
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