- The federal police of Brazil launched an operation against a gang and purported cryptocurrency tokens.
- The police have executed around 60 search and seizure orders.
- Among other money laundering techniques, the criminal organization used its cryptocurrency token, according to the authorities.
The Fake Gold
The federal police of Brazil launched an operation against a gang, and purported cryptocurrency tokens were allegedly used to launder money from illegal gold mining.
On Thursday, Brazil’s federal police investigated an accused criminal organization that they claimed was using cryptocurrency tokens to conceal proceeds from illegal gold mining. The police have executed around 60 search and seizure orders. They have also completed five arrests.
According to the federal police, the Greed operation involved medical businesses that have been laundering cash from illicit gold mining in the northern state of Rondonia since at least 2012. Among other money laundering techniques, the criminal organization used its cryptocurrency token, according to the authorities.
According to the report, the token was developed by one of the group’s shell businesses. These all activities are required
It was used to “justify the amounts deriving from the illicit extraction of gold… as if they were investments of other parties interested in obtaining dividends.”
The federal police’s financial investigation revealed that approximately 16 billion reais ($3 billion) passed through the group’s bank accounts between 2019 and 2021.
Police also claimed that the gang owned a mining business that illegally obtained environmental licenses to launder gold taken from other illicit mines in the nation’s north.
Source: https://www.thecoinrepublic.com/2022/07/09/brazil-gang-allegedly-used-crypto-for-laundering/