Brazilian police have identified a gang that used cryptocurrency to launder money for illegally mine
The circle has closed. The Brazilian Federal Police on Thursday conducted an operation against an alleged criminal group that, according to it, used crypto tokens to launder money received from illegal gold mining. Police arrested five people and served 60 search and seizure warrants.
According to the federal police, the operation called Greed was linked to medical companies that had been laundering money from illegal gold mining in the northern state of Rondonia since at least 2012. Police said the criminal group used its own crypto token to move billions of dollars among other money laundering methods.
The token, created by one of the group's shell companies, was used to "justify the amounts arising from illegal gold mining ... as if they were investments of third parties interested in receiving dividends," the report says.
A banking analysis conducted by the federal police showed that more than 16 billion reais ($3 billion*) passed through the group's bank accounts between 2019 and 2021.
The police also stated that the group owned a mining company that laundered gold mined at other illegal mines in the northern part of the country using invalid subsurface use permits.
*1 US dollar = 5,3391 reais
https://coin-signal.com/cryptonews/brazilian-police-have-identified-a-gang-that-used-cryptocurrency-to-launder-money-for-illegally-mined-gold/
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