News

Brazilian Police cracking down Crypto-Related Money Laundering activities

The Brazilian Federal Police has launched a probe against crypto-related money laundering crimes last week. Several seizure warrants were executed due to the probe involving several policemen.

They were deployed last week so as to scrutinize several locations allegedly linked to crypto-related money laundering operations. The probe was started way back in 2018 and it was called Operation Compliance.

They carried out 34 search and seizure warrants in several cities of the country. These included: Goiânia, Campo Grande, São Paulo, Laranjal Paulista, Recife, and Vitória.

Moreover, the Brazilian police did not only limit themselves to the execution of these warrants about crypto-related money laundering. They also issued an order of blocking 30 bank accounts and crypto portfolios through a Federal Court in Goiás.

Currently, the specifics of those funds aren’t available in the public domain.

The preliminary investigation started in 2018, identified the activities of a hacker that used different bank accounts to divert funds for cryptocurrency businesses. The investigated companies’ bank accounts funnelled those funds.

Moreover, The Brazilian authorities are currently busy identifying and pursuing possible cryptocurrency-related crimes. The Brazilian police seized more than $33 million in a similar probe a month ago. In order to find the connection, they investigated the alleged relationship between a group of unnamed exchanges and shell companies.

Also, the Brazilian federal court ordered the first sale of the seized bitcoin earlier this month. An alleged Ponzi scheme organization Tradergroup had taken those bitcoins and sold them to the exchanges with more liquidity than the country. Their intention was to reimburse investors part of the money involved. But, the amount of Bitcoin wasn’t enough to reimburse all the users of the platform, their full investment.

Related Stories:

Leave a Comment

Your email address will not be published.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

Close Bitnami banner
Bitnami