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UNIItalian police allege mafia bank moved €68m abroad using crypto
Italy's Guardia di Finanza says a car-rental business near Milan ran an underground bank for mafia groups, handling €110m in fake invoices and moving €68m abroad through banks and crypto.
Why it matters: The case shows alleged organised crime using crypto exchanges, digital wallets and USDT alongside traditional banks to move large sums across borders.
Key points
- Investigators say the network issued more than €110m ($128m) in fraudulent invoices over about three years.
- Roughly €68m ($79m) was sent abroad via banks, crypto exchanges and digital wallets, some in USDT.
- Authorities ordered 30 restrictions and seized about €21m ($24m) in assets, with action in Spain and Switzerland.
The Guardia di Finanza says the operation was run behind a car-rental business in Pero, near Milan, and handled more than €110m ($128m) in fake invoices. The announcement came on 21 Oct 2026, and investigators say the scheme ran for about three years.
Businesses paid shell companies for services that never existed, creating false expenses, while couriers brought cash back after taking commissions of 2% to 5%.
Money left in company accounts passed through European banks to crypto exchanges and digital wallets controlled by the network, with some transfers in the stablecoin USDT.
What to watch: The investigation remains active, and the accusations have not yet been tested at trial.
Live updates on NewsFeeds:AltcoinsDesk editor: Keshav Aggarwal (accountable for this page; this summary was not edited by hand)
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