Brazil: Federal Police dismantle cryptocurrency money laundering scheme.

By Júlia V. Kurtz

9 October 2024, 23:30 GMT+0000

Translated by

Eduardo Venegas

11 October 2024, 04:42

IN SUMMARY

The Federal Police dismantled a cryptocurrency money laundering network through Operation Alcaçaria.

62 search and arrest warrants were executed, with seizure of assets and seizure of livestock and vehicles.

The group moved more than 1.2 billion reais in ghost accounts and converted the money into crypto assets to send abroad.

The Federal Police (PF) dismantled a network of financial operations that laundered money using crypto assets. The action took place on October 9 and is part of Operation Alcaçaria.

In addition, the actions are related to Operation Privilege, which took place on the same day in several cities in Rio Grande do Sul (RS).

Group that laundered money with cryptocurrencies dismantled

According to the PF, the agents executed 62 search and seizure warrants, 10 preventive arrest warrants and three temporary arrest warrants in nine different states. In addition, the court ordered the seizure of real estate and vehicles and the freezing of funds in the bank accounts of the natural and legal persons investigated.

Finally, the PF seized a large amount of cattle that was on a rural property linked to one of the ringleaders. The investigation lasted about 3 years. It identified that the organization made deposits of at least 1.2 billion reais in cash in front accounts in the name of orange partners.

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