Ryanair hit by almost $5.0m banking scam

Irish budget airline Ryanair on Wednesday revealed that almost $5.0 million (4.53 million euros) was fraudulently removed from one of its accounts in a scam involving a Chinese bank.

"Ryanair confirmed that it has investigated a fraudulent electronic transfer via a Chinese bank last week," the airline said in a statement, confirming a media report.

"The airline has been working with its banks and the relevant authorities and understands that the funds have now been frozen.  

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

The Criminal Assets Bureau, a specialist police unit in Ireland, is understood to be working with Asian agencies to assist in the recovery of the money.

The Irish Times newspaper said the airline -- which only flies within Europe -- uses dollars to purchase fuel for its aircraft and that it was these funds that were targeted.

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