Underground Banking Scheme Uncovered in Italy
Authorities in Italy have successfully uncovered an extensive underground banking scheme managed by mafia groups, concealed within the façade of a car rental service located just outside of Milan. The operation is believed to have processed over €110 million (approximately $128 million) in counterfeit invoices and facilitated roughly €68 million ($79 million) in illicit money transfers, which included transactions in cryptocurrencies.
Investigation and Findings
Announced on October 21, 2026, the extensive investigation led to the issuance of 30 restrictions by the court and the confiscation of around €21 million ($24 million) in assets, revealing intricate financial connections among Italy’s most notorious criminal factions.
Reports from ANSA indicate that this car rental establishment allegedly served as a covert financial institution for some of Italy’s leading mafia syndicates. Investigators from the Italian financial police, known as Guardia di Finanza, discovered a well-structured criminal enterprise operating for approximately three years.
Key Figures and Operations
The operation’s headquarters was identified in Pero, near Milan, where three key figures—Giuseppe Piscioneri, Paolo Pelaggi, and Luigi Mercadante—allegedly orchestrated these illegal activities. The suspects reportedly have ties to powerful mafia groups such as the ‘Ndrangheta, Camorra, and the Foggia mafia, often collaborating with Chinese and Albanian accomplices.
Details reveal an impressively organized setup, equipped with transaction-tracking spreadsheets, professional cash-counting devices, and couriers responsible for moving substantial sums of money. The fraudulent banking operation involved businesses making payments to shell companies for non-existent services, effectively creating fictitious expenses that allowed clients to minimize their tax obligations. After deducting commissions ranging from 2% to 5%, couriers then returned cash to the businesses.
Financial Maneuvers and Criminal Connections
Funds left within these companies were funneled through various European banking systems before making their way to cryptocurrency exchanges and digital wallets controlled by the network. Investigative authorities highlighted transactions involving the stablecoin USDT, which aims to maintain a consistent value around $1, as well as tracing proceeds linked to drug trafficking and online cryptocurrency scams.
Many of the proceeds reportedly supported imprisoned mafia operatives and funded the procurement of firearms. The crackdown yielded 16 detention warrants and 14 house-arrest orders, with investigative actions expanding to Spain and Switzerland, involving over 350 officers. Notably, a financial police inspector is also under scrutiny for alleged corruption concerning a €3,000 payment.
Ongoing Investigation
The investigation is still ongoing, and the claims regarding the suspects remain unproven in court. Behind the innocent exterior of a car rental service, prosecutors contend that organized crime had constructed a sophisticated financial institution of their own.
