INTEL: Italy busts mafia-linked crypto laundering network and seizes $24M
Italian police have dismantled an alleged mafia-linked underground banking network accused of laundering approximately €68 million through international transfers and cryptocurrency.
The operation on October 21, 2026, resulted in 30 arrests and orders to seize more than €21 million ($24 million) in assets. The investigation also uncovered over €110 million in allegedly fraudulent invoices.
The network allegedly provided financial services to members of several major Italian criminal organizations.
Italian police uncover mafia’s secret banking network
Italy’s Guardia di Finanza carried out the operation under the direction of Milan’s anti-mafia prosecutors.
Investigators identified a car-rental business in Pero near Milan that allegedly operated as an underground bank for organized crime.
The network reportedly involved individuals linked to the ‘Ndrangheta, Camorra and criminal organizations based around Foggia.
Of the 30 suspects, 16 were ordered into custody and 14 were placed under house arrest.
Police also conducted operations in Spain and Switzerland, supported by international law enforcement cooperation.
How the network allegedly laundered money through crypto
Investigators believe the operation used shell companies and fraudulent invoices to disguise criminal financial activity.
Businesses allegedly paid for services that were never delivered. The network then returned much of the money in cash after deducting a commission.
According to reporting cited by Decrypt, funds were transferred through bank accounts in Luxembourg, Lithuania and Germany before being routed through cryptocurrency exchanges into wallets controlled by the network.
The system allegedly allowed drug traffickers to exchange cash for cryptocurrency or international bank transfers.
Investigators also connected the operation to money obtained through online cryptocurrency investment scams.
The €68 million figure represents the estimated international money laundering activity identified by investigators. It should not be interpreted as the value of cryptocurrency seized.
Italy seizes $24 million in assets
Authorities ordered the seizure of more than €21 million in assets connected to the alleged operation.
The assets included cash, bank account balances, cryptocurrency, vehicles, boats, jewelry and luxury watches.
More than 350 financial police officers participated in the coordinated operation.
The investigation also implicated a financial police inspector, an employee of Milan’s judicial system and a lawyer.
Their involvement raised concerns about potential access to confidential information during the alleged criminal activity.
What happens next?
The investigation involves allegations of international money laundering, tax fraud, organized crime and other offenses.
The arrests and asset seizures are precautionary measures taken during criminal proceedings. They do not establish the guilt of those accused.
Italian authorities will continue examining financial transactions and the suspected network’s connections to organized crime.
The case demonstrates how criminal organizations can combine conventional banking channels, fraudulent invoices and cryptocurrency transfers to move funds across international borders.
