Italian authorities launched a large-scale operation on Wednesday, 21 October, targeting 30 suspects accused of running an underground banking network linked to mafia organisations, which allegedly used fake invoices, cash and cryptocurrency to launder an estimated 68 million euros internationally.
More than 350 agents from the Guardia di Finanza of Milan and Monza Brianza took part, acting under the coordination of the Milan anti-mafia prosecutor's office. The order resulted in 16 people being placed in detention and 14 under house arrest. Investigators carried out preventive seizures of over 21 million euros and identified false invoices totalling more than 110 million euros, used to disguise the movement of funds. The operation extended beyond Italy, with searches in several Italian provinces and arrest procedures carried out in Spain and Switzerland.
At the centre of the scheme, according to investigators, was a car rental company based in Pero, near Milan, allegedly used as a front for the laundering structure. Three Italian men are said to have run the operation: two considered close to 'Ndrangheta clans from Crotone, and one linked to the Casalesi clan of the Camorra.
Cash, crypto and cross-border transfers
Investigators say the network handled more than 5 million euros in cash tied to drug trafficking, which was then funnelled into the laundering circuit alongside proceeds from other illicit activity. According to Bloomberg, shell companies moved funds through financial institutions in Luxembourg, Lithuania and Germany before the money was converted and dispersed. The circuit also drew on funds originating from online crypto investment scams, which investigators say fed additional liquidity into the system.
The use of cryptocurrency alongside traditional laundering tools such as false invoicing and cash deposits points to a hybrid approach by the network, combining established mafia financial practices with newer digital channels to move money across borders and obscure its origin.
Presumption of innocence
Italian authorities stressed that the measures announced remain provisional at this stage and that all suspects are presumed innocent until a final judgment is reached. The investigation, which spans multiple jurisdictions including Spain and Switzerland, is ongoing.
