Italian police have confiscated €800 million in cash and property belonging to a Mafia-linked businessman in Sicily, a statement from the Carabinieri paramilitary police said.

The money and property were frozen following the arrest of one of Sicily's most successful businessmen, Michele Aiello, 56, who has since been jailed for 15-and-a-half years for Mafia activities, fraud and corruption.

Aiello was notably involved in real estate and healthcare and was linked to the Mafia group of former Cosa Nostra chief Bernardo Provenzano.

The businessman benefited from a "monopoly thanks to the support of leaders of the criminal organisation which also invested large sums of money in Michele Aiello's various activities," the police statement said.

The seized property included 250 million euros (320 million dollars) from several bank accounts, an oncology centre in Palermo, six healthcare and eight public works businesses, as well as land, apartments and vehicles.

The around 400 people employed by the seized businesses now pass into the hands of the National Agency for Seized and Confiscated Goods, which was set up at the start of the year.