A car-rental business on the outskirts of Milan may have been renting out more than cars. Italian investigators suspect the company in Pero operated as a mafia-linked underground bank that moved approximately €68 million abroad, with crypto exchanges and digital wallets among the routes.
On October 21, 2026, authorities moved against 30 suspects in a coordinated operation.
Inside the alleged shadow bank
The operation was led by Guardia di Finanza units in Milan and Monza Brianza, Italy’s financial police. The Milan Anti-Mafia Directorate, known as the DDA, was also involved in the investigation.
More than 350 officers took part. Of the 30 people 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.
The alleged mechanics revolved around paperwork. Investigators say shell companies issued more than €110 million in false invoices. Clients allegedly paid against those invoices and received cash back. According to the investigation, the customers included tax evaders and drug traffickers.
From there, money allegedly flowed out of Italy. The roughly €68 million moved 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 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. 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 research findings flag a risk of heightened regulatory pressure as a result. Tighter rules aimed at stamping out money laundering could follow, potentially affecting market liquidity and how readily traditional financial institutions engage with crypto assets.
In this case, crypto was one channel among several. The alleged core of the scheme was paper: over €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.
Disclosure: This article was edited by John Chen. For more information on how we create and review content, see our Editorial Policy.