According to Decrypt, Italian police have seized approximately $24 million in assets after dismantling an underground banking operation linked to the Ndrangheta and Camorra criminal groups. The facility was identified as a car‑rental business located near Milan. Investigators allege that the business concealed financial activity, facilitating the movement of money abroad and converting portions into cryptocurrency for laundering purposes.
Authorities said the rental company acted as an informal bank for members of the Ndrangheta and Camorra, enabling them to channel funds overseas and use crypto assets to obscure the flow of money. The operation was uncovered during a routine investigation; no further details about timing beyond the recent bust were provided.
The seizure reflects Italy’s ongoing effort to address cryptocurrency‑based money‑laundering linked to organized crime. Officials indicated that the case illustrates how legitimate‑appearing services can be repurposed for illicit financial flows.
