Almost $5 million fraudulently taken from Ryanair bank account

DUBLIN (Reuters) - Almost $5 million (3 million pound) was fraudulently taken from one of Ryanair's bank accounts, the budget airline on Wednesday, adding that it understood the funds had been frozen and would be repaid shortly.

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

"The airline has been working with its banks and the relevant authorities and understands that the funds – less than $5 million – 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 Irish Times newspaper said the fraud came to light last Friday and that the Criminal Assets Bureau in Dublin was asked to assist in its recovery via counterpart agencies in Asia.

Ryanair uses dollars to buy fuel for its aircraft and it is these funds that are believed to have been targeted in the illegal transfer, the newspaper added.

(Reporting by Padraic Halpin, editing by Louise Heavens)