Italy Moves to Arrest 30 in €68 Million Crypto Laundering Probe

Italian authorities moved to arrest 30 people Wednesday in a cross-border investigation of an alleged mafia-linked underground bank that prosecutors say transferred about €68 million overseas and laundered illicit funds through cryptocurrency.

The operation extended to Spain, where police were executing European arrest warrants. Swiss authorities were seeking to detain another suspect.

Investigators identified more than €110 million in invoices for services that were allegedly never provided. Prosecutors say the group operated from a car rental business near Milan and used shell companies to bill firms in construction and logistics. After receiving bank transfers, the group allegedly returned money to those firms in cash, keeping a commission.

Prosecutors say funds in the shell companies’ accounts moved through banks in Luxembourg, Lithuania and Germany before passing through crypto exchanges into digital wallets believed to be controlled by the network. Investigators also linked the alleged operation to drug trafficking proceeds and money taken from victims of online crypto investment scams.