Business Irish

Thursday 22 March 2018

Ryanair hit for millions in Chinese bank scam

Ryanair boss Michael O’Leary: pursuing airline scammers
Ryanair boss Michael O’Leary: pursuing airline scammers
John Mulligan

John Mulligan

Ryanair has been targeted in an international scam that siphoned millions from its bank accounts, the Irish Independent understands.

It is believed that thieves managed to initiate a single fraudulent transaction using a Chinese bank when stealing the money from the airline, Europe's biggest low-cost carrier and Ireland's second biggest company.

It is understood that there have been frantic efforts behind the scenes to track down the origin of the scam and to trace the funds that were stolen.

Ryanair confirmed last night that it had been hit by the substantial fraud and that it has investigated a "fraudulent electronic transfer via a Chinese bank last week".

It added: "The airline has been working with its banks and the relevant authorities and understands that the funds (less than €4.5m) have now been frozen."

It is believed that the investigation has spanned a number of jurisdictions.

Irish Independent

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