Italy Moves to Seize More Than €21 Million in Mafia-Linked Crypto Probe

On Oct. 21, Italy’s Guardia di Finanza (GdF) targeted 30 suspects in a Milan-area probe as a court-ordered preventive seizure of more than €21 million, including cryptocurrency, remained underway when announced.

Sixteen suspects were ordered into custody and 14 were placed under house arrest. More than 350 GdF officers took part. The seizure order covered cash, bank accounts, cryptocurrency, cars, boats, jewelry, luxury watches and money-counting machines.

The seizure is part of the investigation into an alleged €68 million laundering network. Investigators allege a car-rental firm in Pero, near Milan, operated as an underground bank for people linked to the ’Ndrangheta, the Camorra and organized crime groups from Foggia. They say shell companies issued more than €110 million in invoices for services that were never provided.

Investigators estimate about €68 million in international money laundering. Cryptocurrency was among the channels involved, but its share of the total has not been specified. Authorities have not disclosed how much cryptocurrency was included in the seizure.

The proceedings remain in the preliminary-investigation phase. The suspects are presumed innocent unless convicted.