According to CoinDesk, the Civil Police of São Paulo, Brazil, have dismantled a significant money laundering operation managed by the notorious drug gang First Capital Command (PCC). The scheme involved a company that operated under the guise of a cryptocurrency exchange. The police disclosed this information on X (formerly Twitter) on Tuesday.

The company in question conducted transactions amounting to approximately 500 million reais ($89 million), as reported by CNN. During the raid, authorities seized checks worth 55 million reais ($8.9 million) at the company's headquarters. The name of the company has not been released at this time.

The operation followed orders received by the Civil Police of São Paulo on Tuesday to execute 20 arrest warrants and 60 search and seizure warrants against individuals linked to the First Capital Command in various cities across the state of São Paulo. In addition, Brazilian courts have blocked more than 8 billion reais ($1427 million) in assets belonging to those involved in the investigations.

The First Capital Command is recognized as Latin America's largest gang, boasting nearly 40,000 members and close to 60,000 contractors, according to a recent report by The Economist.