Italy Dismantles Mafia-Linked Underground Bank Laundering $76,290,000 via Crypto

Italian financial police are dismantling a mafia-linked underground bank that allegedly laundered tens of millions of euros through cryptocurrencies, fake invoices, and cross-border transfers. The Guardia di Finanza of Milan and Monza Brianza in coordination with the Milan Anti-Mafia Directorate, targeted a network based in a car-rental business in Pero near Milan involving members of the ‘Ndrangheta groups in Crotone and the Casalesi Clan, reports Quartz. The scheme collected illicit cash from drug trafficking and tax evasion before issuing over €110 million ($123.45 million) in false invoices through shell companies. The shell companies issued invoices for services that were never provided, allowing businesses in industries such as logistics and construction to reduce their tax liabilities. After the companies wired payments, the network returned the money in cash, minus a fee.

BeCrypto News shows a short excerpt and links to the publisher. The full report belongs to The Daily Hodl.