First Capital Command (FCC) controls one of the key cocaine corridors to Europe. Over three decades, the RSS has managed to transform itself from a team of crooks and thugs into a criminal community spanning five continents and having a multi-billion dollar turnover, law enforcement officials believe.
“To launder ill-gotten gains, RCC leadership has targeted Brazil’s fintech industry and digital markets, including cryptocurrencies and online platforms. It is much better to create your own bank than to find a third-party bank or a money laundering platform,” explained the Sao Paulo State Prosecutor’s Office.
According to the investigation, 4TBank actively offered profitable crypto schemes to private and institutional investors. The bank’s administration stated that its digital platform simplifies investing in cryptocurrencies, “democratizes payment methods, eliminates the problems of financial bureaucracy and can change lives for the better.”
Instead, according to investigative documents, 4TBank became a key part of a scheme to launder “astronomical amounts of money” and criminal proceeds through digital assets. The money was used to buy drugs, support the illegal financial activities of a criminal group, and finance political campaigns, the prosecutor’s office said.
Law enforcement agencies established a probable connection between 4TBank and FCC by accident, when smartphones were seized during a police raid and correspondence between detained drug dealers and their curators was reviewed. Prior to this, 4TBank “was used by the FCC to support legitimate business activities and co-finance government agencies to win government contracts, receive government money, and increase their profits.”
The legal representative of 4TBank said that the assumptions of the Sao Paulo prosecutor’s office were incorrect and the bank was not involved in a criminal scheme.
Previously, the Central Bank of Brazil launched an initiative prohibiting transfers of all types of stablecoins to non-custodial wallets such as MetaMask.
Source: Bits
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