Italian authorities have dismantled an alleged mafia-linked “hidden bank” operating from a car-rental business near Milan, arresting 30 people and seizing about €21 million ($23.6 million) in assets including cryptocurrency, cash, bank balances, boats, jewelry and luxury watches. The operation was led by the Guardia di Finanza under orders from Milan anti-mafia prosecutors, targeting suspects connected to the ‘Ndrangheta, the Camorra and organized crime groups from Foggia.
Prosecutors say the network issued more than €110 million in fake invoices for services never provided, allowing businesses to reduce tax bills. According to investigators, companies paid by bank transfer and received the money back in cash minus a commission, while around €68 million was moved abroad. Funds were sent to banks in Luxembourg, Lithuania and Germany, then routed through crypto exchanges into wallets controlled by the network. Drug traffickers could hand over cash and receive crypto or international bank transfers in return; the group also allegedly handled proceeds from online crypto investment scams.
The sweep included arrests in Spain and Switzerland, with 16 people taken into custody and 14 placed under house arrest. Among those caught up are a Guardia di Finanza inspector, a Milan court employee accused of leaking information, a lawyer and a former financial police member. Italian authorities have long warned that organized crime groups, especially the ‘Ndrangheta, are increasingly using cryptocurrency and the deep web for illicit business.
