An Italian citizen living in Greece was arrested in the upscale seaside Athens district of Varkiza on charges of leading an international oil smuggling ring valued at around €21 billion euros in illegal profits.

According to reports by “To Vima”, a red alert warrant for the 47-year old man had been issued by Interpol and the man was located by Greek authorities.

The illegal network was comprised of oil tankers owners operating under legitimate shipping companies who obtained petroleum products from Latin America ports.

Reports explain that the smuggling ring was active in Asian ports, where the petroleum products were covertly transferred to other ships.

The estimated financial loss to both shippers and the countries involved is around 21 billion US dollars. Meanwhile, and according to “To Vima”, the suspect lived comfortably in Athens’ southeast suburbs with his family.