Prosecutors and the Purana taskforce have moved to confiscate a $10 million property portfolio allegedly controlled by convicted underworld boss Rocco Arico, which includes his luxury home, a development site, a coastal property and a bathing box on the Mornington Peninsula.

The Moonee Ponds mansion bought by Arico's wife in 2015 is nicknamed the "ice castle" by law enforcement authorities because it was allegedly bought and extensively renovated with the proceeds of his vast drug-dealing empire.

Rocco Arico was arrested in 2015 and convicted of drug trafficking, extortion and weapons offences in 2016 and 2017. Credit:Pat Scala

Arico, who is considered one of the most powerful crime figures in Victoria, was sentenced earlier this year to 14 years' jail for drug trafficking, extortion, and weapons offences.

Supreme Court judge Cameron Macaulay agreed to issue restraining orders over five properties on March 31 after receiving sworn evidence from police that Arico had "engaged in serious criminal activity" under proceeds of crime legislation.