Italian police have seized 17 seaside resorts worth rough $600 million on Tuesday and arrested 20 people suspected of being involved in an international money laundering scheme run by the mob.
Authorities say the two mafia groups involved are part of the 'ndrangheta crime syndicate based out of southern Calabria, adding that an investigation uncovered the group laundering money through tourist resorts, the Associated Press reports.
Also arrested were two Spanish businessman with ties to the mob. Authorities say a developer in Belfast, Ireland, was also involved in the money laundering operation but his arrest has not been confirmed.
Authorities did not comment any further about the matter.
The 'ndrangheta criminal organization is believed to be heavily involved in the international drug trade which generates most of the group's revenue. They are also suspected of using the money to buy and operate an extensive network of legitimate businesses such as restaurants, grocery stores, and construction companies, the Guardian reports.
Italian officials estimate that the group generates an estimated $35 billion annually by drug trafficking and other illegal activities.