Updated 9.10pm

The president of a Malta-based company seeking to purchase flight routes to and from the airport of a regional capital in central Italy has been arrested by Italian police.

Italian media reported that the 38-year-old, from Parma, was arrested by Modena's Guardia di Finanza in an anti-money laundering operation codenamed ‘Last Drink’, which followed another operation, ‘Barqueiro’.

'F.C' is believed to have worked together with a partner from Reggiano but who lives in Portugal. The Reggiano man, 'L.P.', was arrested on July 12 in connection with the suspected illegal acquisition of companies.

According to the Gazzetta di Parma, F.C. and L.P. worked together to take over companies and then drain them of funds, bankrupting them for their personal benefit.  

The Parma man had a Bentley and other luxury vehicles registered to his companies, which range from real estate to air transport.

The two police operations stretched over a two-year period, with police listening in on some 2,5000 hours of wiretapped conversations and estimating that up to €35 million in company funds were siphoned off.