Italian financial police have targeted 30 suspects in an operation tied to a mafia-linked money laundering network suspected of moving roughly €68 million abroad, in part through crypto exchanges and digital wallets.

The focal point of the investigation is a car-rental business in Pero, on the outskirts of Milan. According to Italian investigators, the company is suspected of functioning as an underground bank for organized crime rather than a legitimate rental operation.

The coordinated operation was carried out on October 21, 2026.

Inside the alleged shadow bank

The operation was led by units of the Guardia di Finanza in Milan and Monza Brianza, Italy's financial police, working alongside the Milan Anti-Mafia Directorate, known as the DDA. More than 350 officers took part.

Of the 30 suspects targeted, 16 were placed under custodial arrest and 14 were placed under house arrest. The charges include international money laundering, tax fraud, drug trafficking, and criminal association aggravated by mafia methods.

Investigators say the alleged scheme's mechanics revolved around paperwork. Shell companies issued more than €110 million in false invoices. Clients paid against those invoices and received cash back in return. According to the investigation, the customers included tax evaders and drug traffickers.

That structure is characteristic of underground banking: value is settled outside licensed financial channels, through fabricated commercial documents and cash handoffs, bypassing the checks that regulated institutions are required to apply.

From there, money allegedly flowed out of Italy. The roughly €68 million sent abroad traveled partly through crypto exchanges and digital wallets, according to the findings.

Seizures, borders and an inside man

Authorities have begun seizing assets worth more than €21 million. The haul spans cash, bank accounts, vehicles, jewelry, and crypto assets.

The network's activities did not stop at Italy's borders. European arrest warrants were executed in Spain, and further actions were taken in Switzerland.

Investigators have linked the case to the 'Ndrangheta, the Camorra, and the so-called Fourth Mafia. The 'Ndrangheta, rooted in Calabria, and the Naples-based Camorra are among Italy's most entrenched organized crime groups. They also uncovered alleged support from Chinese and Albanian criminals.

A court driver has been implicated in handling seized assets, pointing to a network with reach inside the very system meant to dismantle it.

What this means for crypto and regulators

The findings flag a risk of heightened regulatory pressure. Tighter rules aimed at stamping out money laundering could follow, potentially affecting market liquidity and how readily traditional financial institutions engage with crypto assets.

That pressure sits within a broader European shift: the EU's 2024 anti-money-laundering package is phasing in A obligations and travel-rule transfer requirements for crypto-asset service providers, with the new Frankfurt-based Anti-Money Laundering Authority, or AMLA, set to coordinate supervision across member states.

In this case, crypto was one channel among several. The alleged core of the scheme was paper: more than €110 million in fake invoices, shell companies, and cash handed back to clients.

The inclusion of crypto assets among the more than €21 million in seizures shows authorities are equipped to target digital holdings alongside cash, cars, and jewelry.

What to watch next is how the case develops in court. The role of the court driver, the extent of Chinese and Albanian involvement, and how much of the €68 million can actually be recovered will all shape how this case is remembered.