Italian authorities launched arrests of 30 people in a probe into an alleged mafia-linked underground bank, Milan prosecutors said in a Bloomberg report cited by BlockBeats on Oct. 21. Prosecutors said the network allegedly moved about €68 million abroad and used cryptocurrency to launder illicit funds.
Cross-border investigation
The action extended to Spain, where police were executing European arrest warrants, while Swiss authorities were seeking another suspect. The flash did not identify the people involved or say that anyone had been convicted.
Investigators said shell-company accounts moved funds through banks in Luxembourg, Lithuania and Germany before transfers via crypto exchanges reached wallets allegedly controlled by the group. They also identified more than €110 million in false invoices, a separate figure from the alleged €68 million transfer amount.
All allegations and figures are attributed to prosecutors and investigators as reported by BlockBeats.