Civil Police in São Paulo, Brazil, have dismantled a money laundering scheme led by the drug gang First Capital Command (PCC) that operated a company operating as a cryptocurrency exchange, the agency announced on X (formerly Twitter) on Tuesday.
The company processed transactions worth around 500 million reais ($89 million), CNN reported. Police seized checks worth 55 million reais ($8.9 million) at the company’s headquarters during the raid, which has not yet been named.
The raids came after the São Paulo Civil Police was ordered on Tuesday to execute 20 arrest warrants and 60 search and seizure warrants against individuals affiliated with the First Capital Command in different cities in the state of São Paulo.
Brazilian courts have seized assets worth more than 8 billion reais ($1,427 million) from those involved in the investigation.
According to a recent report by The Economist, the First Capital Command is known as the largest gang in Latin America, with around 40,000 members and close to 60,000 subcontractors.