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Police crackdown breaks up Mafia online fraud ring

Italian police have broken up a Mafia-run online banking fraud ring which was attempting to launder $680m through the Banco di Sicilia.

By Suzanna Kerridge

Published: 4 October 2000 11:48 GMT

The investigation revealed that the crime organisation has worked with corrupt bank employees to duplicate the bank's computer systems. It was programmed to connect with the Bank's interbank transfer network once the office was closed allowing the movement of hundreds of billions of lire from the regional government's accounts to banks in Italy and overseas.

Paolo Giovagnoli, magistrate in charge of the investigation said the Mafia had also planned to infiltrate the Vatican's IOR bank. But he said phone tapping helped police rumble the scam before money was transferred.

Police arrested two members of the Mafia and 19 others, charging them with money laundering, attempted theft and connections with the Mafia.

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