Brazilian Federal Police dismantled three criminal organizations that laundered $9.7 billion using cryptocurrencies. Eight arrests were made, and assets worth $1.58 billion were seized.
Bollywoodfever: Brazilian Federal Police have dismantled a major money laundering operation that used cryptocurrencies to launder over $9.7 billion in criminal funds.
The operation, known as Niflheim, targeted three criminal organizations and was conducted in cooperation with the Federal Revenue Service, Brazil’s tax authority.
The police executed eight arrest warrants and 19 search and seizure orders across multiple cities, including Caxias do Sul, Sao Paulo, Fortaleza, and Brasilia.
In addition, the Brazilian Federal Court froze $1.58 billion held in bank accounts and cryptocurrency exchanges, and seized several vehicles and properties linked to the criminal networks.
These organizations had been under investigation since 2021 for laundering money from illegal activities such as drug trafficking and smuggling.
They used shell companies and other tactics to disguise the origins of the funds, which were then transferred abroad to countries including the United States, United Arab Emirates, Hong Kong, and China.
The Federal Police outlined the charges, which include money laundering, financial system crimes, tax fraud, and criminal association.
Though the groups appeared to operate independently, investigators found enough coordination to consider them part of a larger network, with leaders based in Caxias do Sul and Orlando, Florida.
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