Federal Character
  • Home
  • News
  • Politics
  • Business & Finance
  • Entertainment
  • Sports
  • Tech
  • Relationship and Life
  • Fashion & Lifestyle
  • Food & Nutrition
  • Health
  • Opinion
No Result
View All Result
  • Home
  • News
  • Politics
  • Business & Finance
  • Entertainment
  • Sports
  • Tech
  • Relationship and Life
  • Fashion & Lifestyle
  • Food & Nutrition
  • Health
  • Opinion
No Result
View All Result
Federal Character
No Result
View All Result
Home News

Italian Police Bust Chinese Money Laundering Network Linked to Mafia

Marian RomainebyMarian Romaine
October 4, 2023
in News
0
Italian Police Bust Chinese Money Laundering Network Linked to Mafia
Share on FacebookShare on TwitterShare on Whatsapp

Italian law enforcement authorities have apprehended 33 individuals in a recent operation targeting a Chinese money brokerage network accused of laundering more than 50 million euros ($52.5 million) derived from drug trafficking, with connections to the ‘Ndrangheta mafia.

According to Guardia di Finanza police colonel Francesco Ruis, who spearheaded the investigation in Rome, a significant aspect of the case was the establishment of ties between criminal organizations like the ‘Ndrangheta and Chinese financial service providers. Ruis emphasized that the tracked financial movements of over 50 million euros did not fully reveal the scale of the operation.

In an official statement, Guardia di Finanza police announced the arrest of 33 individuals, including seven Chinese nationals, in Rome and six other Italian towns. The charges include organized criminal conspiracy related to drug trafficking and money laundering. Additionally, law enforcement confiscated approximately 10 million euros in cash from individuals referred to as ‘money mules,’ responsible for transferring funds abroad.

Recent investigations have unveiled the growing trend of Italian drug cartels utilizing clandestine networks of unlicensed Chinese money brokers to obscure cross-border financial transactions. This method, often known as “fei qian” or “fei chien” in Chinese, translates to “flying money” and entails depositing funds with an Italian money broker, while another agent within the network, located elsewhere in the world, delivers an equivalent sum to the intended recipient.

The heart of the money laundering operation in this case revolved around Chinese import-export businesses dealing in clothing and fashion accessories in Rome’s Esquilino district. These establishments acted as collection points for illegally obtained funds, which were subsequently transferred anonymously and untraceably to China. While the “fei chien” method did not entail a physical transfer of money between the buyer of the drug shipment and the seller, China served as the ultimate destination for the cash, according to police.

Francesco Ruis explained, “The transactions between the two Chinese brokers occurred through triangulations and fictitious business dealings in China, while the cash was transported to China by plane using the so-called ‘money mules.'”

The investigation received assistance from accessing encrypted chats on a platform that had been dismantled in 2021 by a Europol Joint Investigation Team, as mentioned in the official statement.

Tags: Italian law enforcement authorities have apprehended 33 individuals in a recent operation targeting a Chinese money brokerage network accused of laundering more than 50 million euros ($52.5 million)
Marian Romaine

Marian Romaine

Marian Romaine is a seasoned content writer with a passion for translating complex technological concepts into accessible and engaging content.She is dedicated to creating engaging and informative content aiming to enhance both reader engagement and search engine visibility. Her writing combines a deep understanding of the subject matter with a talent for crafting clear, concise, and informative pieces.With 3 years of industry experience, her expertise includes crafting blog posts, articles, social media content, and website copy.

Related Posts

Are ICE Tracking Apps a Security Risk? Behind Apple's Controversial Removal
News

Are ICE Tracking Apps a Security Risk? Behind Apple’s Controversial Removal

October 3, 2025
How Did the Manchester Synagogue Attack Unfold? A Minute-by-Minute Timeline
News

How Did the Manchester Synagogue Attack Unfold? A Minute-by-Minute Timeline

October 2, 2025
What Does a 'State of Calamity' Mean for the Philippine Province Struck by Earthquake?
News

What Does a ‘State of Calamity’ Mean for the Philippine Province Struck by Earthquake?

October 1, 2025
Next Post
Turkish Journalist Receives 2.5-Year Sentence for Propaganda

Turkish Journalist Receives 2.5-Year Sentence for Propaganda

Arraignment Delayed for Alleged Killer of Tupac Shakur in Las Vegas

Arraignment Delayed for Alleged Killer of Tupac Shakur in Las Vegas

Ghanaian Demonstrators Call For Central Bank Governor’s Dismissal

Ghanaian Demonstrators Call For Central Bank Governor’s Dismissal

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Ajibade and Ohale make it to the Team of the Tournament shortlist.

Ajibade and Ohale make it to the Team of the Tournament shortlist.

3 years ago
Uganda Plunged into Darkness as New Power Plant Test Goes Awry

Uganda Plunged into Darkness as New Power Plant Test Goes Awry

1 year ago
Oreo Maker Sues Aldi Over Copycat Cookies

Oreo Maker Sues Aldi Over Copycat Cookies

4 months ago
“I’m Not Dead” – Orji Uzor Kalu Spurns Death Rumours

“I’m Not Dead” – Orji Uzor Kalu Spurns Death Rumours

1 year ago

Categories

  • Beauty
  • Business & Finance
  • Entertainment
  • Fashion & Lifestyle
  • Food & Nutrition
  • Government
  • Health
  • News
  • Politics
  • Relationship and Life
  • Sports
  • Tech

Topics

2023 Aboki/Bureau De Change (BDC) apc Arsenal buhari Business cbn chelsea china court Davido Dollar Efcc Election Entertainment Euro and Pounds To Naira Exchange Rate For Today exchange rates for the Nigerian Naira (NGN) Fashion federal character federal government Finance food Football Foreign News government health inec Israel lagos Manchester United Naira Naira Black Market exchange rates News Nigeria pdp police Politics president protest Russia Sports tinubu trump ukraine US
No Result
View All Result

Highlights

Nigeria’s Data War with Meta Ends in a Quiet Courtroom Truce

NFVCB Chairman Reminds Nollywood- Box Office Is Not Oscars

Arsenal Open Discussions With Jurriën Timber As Defensive Options Surge

What Happens if Hamas Rejects Trump’s Gaza Peace Plan by the Deadline?

Tuchel Drops Bellingham and Foden from the England Squad as Saka Returns

Chelsea vs Liverpool: Stamford Bridge Showdown Could Define Early Title Race

Trending

Why Trump Shut Down the Government
Government

Why Trump Shut Down the Government

byEriki Joan Ugunushe
October 3, 2025
0

In October 2025, the United States entered another government shutdown. The official reason is simple: Congress failed...

Paris Fashion Week SS26 Ushers in the New Rules of Engagement

Paris Fashion Week SS26 Ushers in the New Rules of Engagement

October 3, 2025
This Is Trump’s Shutdown

This Is Trump’s Shutdown

October 3, 2025
Nigeria’s Data War with Meta Ends in a Quiet Courtroom Truce

Nigeria’s Data War with Meta Ends in a Quiet Courtroom Truce

October 3, 2025
NFVCB Chairman Reminds Nollywood- Box Office Is Not Oscars

NFVCB Chairman Reminds Nollywood- Box Office Is Not Oscars

October 3, 2025

We launched Federal Character in February 2021 based on the belief that the world is in need of smarter and more efficient reporting of events shaping our rapidly changing world. We pledged to put our audience first, always.

Recent News

  • Why Trump Shut Down the Government
  • Paris Fashion Week SS26 Ushers in the New Rules of Engagement
  • This Is Trump’s Shutdown

Categories

  • Beauty
  • Business & Finance
  • Entertainment
  • Fashion & Lifestyle
  • Food & Nutrition
  • Government
  • Health
  • News
  • Politics
  • Relationship and Life
  • Sports
  • Tech

© 2024 FederalCharacter.com

No Result
View All Result
  • Home
  • News
  • Politics
  • Business & Finance
  • Entertainment
  • Sports
  • Tech
  • Relationship and Life
  • Fashion & Lifestyle
  • Food & Nutrition
  • Health
  • Opinion

© 2024 Federalcharacter.com