Ryanair lose millions in Chinese banking scam

NewsBy Morgan Flanagan Creagh
Ryanair lose millions in Chinese banking scam

Irish no frills airline Ryanair has had millions of euro siphoned from one of its bank accounts.

The Irish Independent reports that thieves managed to initiate a single fraudulent transaction using a Chinese bank when stealing the money from the airline.

There have been efforts to track down the scammers and trace the funds.

"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" said a spokesman for Ryanair.

"The airline expects these funds to be repaid shortly, and has taken steps to ensure that this type of transfer cannot recur," it added.

"As this matter is subject to legal proceedings, no further comment will be made."

Ryanair, which is Europe’s biggest low-cost carrier and Ireland's second biggest company is certain to have moved aggressively to pursue the culprits and to seal any gaps in its system.