[Italy Cracks Down on Crypto Money Laundering Network, Suspected of Transferring €68 Million Abroad] BlockBeats News, October 21, according to Bloomberg, Milan prosecutors stated that Italian authorities are conducting arrests of 30 individuals suspected of operating an underground bank linked to the mafia. The network is alleged to have transferred approximately €68 million abroad and laundered illegal funds using cryptocurrencies. The operation has extended to Spain, where local police are executing European arrest warrants, and Swiss authorities are also seeking to detain another suspect. Prosecutors revealed that the network was based out of a car rental company near Milan and used shell companies to issue fake service invoices, helping businesses in industries such as construction and logistics reduce taxable income. After companies made payments via bank transfers, the network deducted commissions and returned the funds in cash. Funds in the shell company accounts were transferred to banks in Luxembourg, Lithuania, and Germany, then routed through crypto exchanges into digital wallets allegedly controlled by the organization. Investigators identified over €110 million in fake invoices and discovered that the network also handled drug trafficking proceeds and funds defrauded from victims of online crypto investment scams. [Original Link]