Key facts
- The operation targeted suspects linked to the 'Ndrangheta, Camorra, and organized crime groups from Foggia.
- The 'hidden bank' allegedly used shell companies to issue fake invoices for services never provided.
- Funds were routed through banks in Luxembourg, Lithuania, and Germany, then through crypto exchanges.
- The network also handled money stolen from victims of online crypto investment scams.
- Italian authorities have warned for years about organized crime adopting digital assets.
Italian police have arrested 30 people accused of operating an underground bank for organized crime from a car-rental business near Milan. The operation, carried out by the Guardia di Finanza on the orders of Milan's anti-mafia prosecutors, targeted suspects linked to the 'Ndrangheta, the Camorra, and organized crime groups from Foggia. Authorities seized €21 million in assets, including cryptocurrency, cash, bank balances, boats, jewelry, and luxury watches. According to investigators, the network issued more than €110 million in fake invoices for services never provided, allowing businesses to reduce their tax bills. Funds were then routed through crypto exchanges and wallets controlled by the network, with the operation also handling money from online crypto investment scams. Arrests were also made in Spain and Switzerland, including a financial police inspector, a Milan court employee, and a lawyer.