Italian Mafia invests in real estate in Algeria

Legal documents in the possession of “Echorouk” revealed that the “Ndrangheta”, the Calabrian branch of the Italian Mafia, invested in 2013 in the construction of a building project comprising 1,180 new apartments in Algeria with assets and bank guarantees of a front company owned by members of that Mafia ring.

As a matter of fact, this Mafia gang’s activities which were initially confined to drug trafficking and forgery of the Algerian currency, the Dinar, have scaled up a notch further, by investing the dirty money accrued from these trafficking practices in real estate projects in Algeria without being bothered by anyone.

Phone calls exposed the gang’s covert illegal practices

This Mafia gang fed, to this effect, a bank account estimated at 200 million Euros, or the equivalent of 2.500 billion centimes in dinars and a bank guarantee of 5 million Euros, that is more than 50 billion centimes (DA) in local currency.

Italian security services crack down on the gang’s members

This Mafia ring, composed of 16 people, and dismantled at the end of last year, in Calabria, southern Italy, is accused of money laundering under the cover of real estate projects in Algeria.

16 members of the gang rounded up in southern Italy and remanded in custody

An Italian General Prosecutor in charge of the file has ordered their detention before bringing them to stand an upcoming trial during which all the intricacies of this somber affair will be unravelled before justice.