Italy Arrests 30 Over Mafia 'Underground Bank' Using Crypto

Italy's financial police (Guardia di Finanza), acting on orders from Milan's anti-mafia prosecutors, arrested 30 people suspected of running an "underground bank" for organized crime. The operation took place on Oct. 21, 2026, and investigators seized €21 million in assets, including cryptocurrency.

Details

According to Il Sole 24 Ore, the network operated behind a car-rental company in Pero, near Milan. The suspects are linked to the 'Ndrangheta, the Camorra and groups from Foggia, helped by Chinese and Albanian associates. Fake invoices were issued, clients wired money to the network's accounts, and equivalent cash was returned to them through couriers. The accumulated funds were sent abroad or converted into cryptocurrency.

Decrypt, citing Italian media and Bloomberg, reports more than €110 million in fake invoices and about €68 million moved abroad, part of it through crypto exchanges into wallets controlled by the network. Of the 30 people, 16 were taken into custody and 14 placed under house arrest; two were arrested in Spain and one in Switzerland. Those caught up include a financial police inspector, a Milan court employee and a lawyer. More than 350 officers took part. Seized items include cash, bank balances, crypto, boats, jewelry and luxury watches.

These are allegations reported by the press; no convictions have been announced and the charges must still be proven in court.

What it means for the market

The case shows European law enforcement tracing funds through crypto exchanges and wallets. It is not a price driver, but it fits a trend of exchanges facing stricter customer and source-of-funds checks. For the live BTC price see the daily brief; Bitcoin's page is /en/coins/bitcoin/.