Police in Zurich arrested three in an alleged money laundering scheme involving cryptocurrencies. Investigators seized millions as well as a cache of luxury assets.

Cantonal police in Zurich busted a suspected money laundering scheme centered in the Swiss city, it said in a statement. Prompted by tips in Switzerland and abroad, officials said three people were arrested in the bust and eleven premises were raided.

A Swiss man, one of those arrested, «is suspected of moving larger sums of money from online trading platforms for binary options and cryptocurrencies via accounts controlled by him in Switzerland and abroad in order to conceal the criminal source of the funds,» Zurich police said. Local police worked in lockstep with federal officials as well as Zurich prosecutors, in what appears to be a months-long investigation. 

Luxury Assets Seized

The bust represents an undesired side effect of the burgeoning cryptocurrency sector in Switzerland, which prefers to make news with wider acceptance – ski resort Zermatt, for example, recently opened to digital assets. The alpine nation has been warmly receptive to the nascent industry, which is closing in on taking institutional money, as finews.com reported.

Police raided premises in five cantons – Graubuenden, St. Gallen, Tessin, Zug, which is home to «crypto valley,» and Zurich. They seized eight luxury cars, froze deeds to three properties, and blocked several million Swiss francs in bank accounts.