Brazilian police dismantle PCC drug trafficking gang's cryptocurrency money laundering scheme
ChainCatcher news, according to CoinDesk, the police in São Paulo, Brazil, dismantled a money laundering scheme managed by the drug gang "First Capital Command" (PCC) that operated through a company acting as a cryptocurrency exchange.According to CNN, the company's trading volume was approximately 500 million reais (89 million USD). During the raid, police seized checks worth 55 million reais (8.9 million USD) at the company's headquarters.The raid was carried out based on an order received by the São Paulo police on Tuesday, involving 20 arrest warrants and 60 search and seizure warrants. Brazilian courts also froze assets of over 8 billion reais (1.427 billion USD) belonging to those involved. According to a report by The Economist, PCC is the largest gang in Latin America, with nearly 40,000 members and about 60,000 contractors.