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Brazilian police freeze about $196 million worth of assets tied to a cryptocurrency money laundering and drug trafficking gang

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ME News, July 27 (UTC+8): Brazil’s Federal Police, in Operation Commodity, dismantled a drug trafficking gang that used cryptocurrency to launder money. Since 2021, the group has smuggled more than 6.5 tons of cocaine to Europe via the Port of Rio de Janeiro—hiding the drugs in coffee, cement, and mortar cargo shipments. The operation covered São Paulo, Minas Gerais, Santa Catarina, and Espírito Santo. Police carried out 13 preventive arrests and executed 44 search and seizure warrants. The court ordered the seizure of assets and the freezing of up to 1 billion reais—about $196 million. Authorities said the gang is linked to Primeiro Comando da Capital (PCC) and Comando Vermelho (CV), and laundered funds through a luxury car dealership and shell companies in the Greater São Paulo area, selling vehicles such as Ferrari, Porsche, Corvette, and Land Rover. The individuals used shell companies to issue invoices lacking supporting documents, channeling proceeds from drug trafficking into Brazil’s financial system, and using cryptocurrency to conceal transactions. Suspects will be held responsible for charges including participation in a transnational criminal organization, international drug trafficking, and money laundering. (Source: ODAILY)
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