Underground criminal bank busted in Italy

Italian police have successfully dismantled a clandestine underground bank that served criminal organizations, including drug smugglers and human trafficking rings. The operation, based in Prato, north of Florence, is believed to have processed hundreds of millions of euros over at least three years.

The secret bank, run by a Chinese national since 2021, offered anonymous and discreet money transfer services, reportedly moving between 80 and 100 million euros across Europe annually. Authorities stated that criminal groups often utilize such services from Chinese criminal organizations, a method known as "Fei Chien" or flying money.

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The bank offered a secure flow of enormous amounts of capital in complete anonymity. The bank did not use banknotes.

In connection with the bank's activities, 41 people were arrested in Italy and Spain. They face charges ranging from criminal conspiracy and drug trafficking to money laundering and assisting illegal immigrants. The investigation also revealed that the network was involved in smuggling Chinese nationals into Italy, where Prato hosts one of the largest Chinese communities in the country.

Prato, known as a hub for Italy's textile industry, has seen its share of turf wars between Chinese criminal gangs in recent years. Investigations suggest that illegal immigrants were forced to work up to 13 hours a day, seven days a week, for as little as three euros per hour, highlighting the exploitative nature of the criminal enterprise.

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Criminal organizations use the secret services of Chinese criminal organizations for money transfers.