Arico will be due for release in February 2024. The Age believes the federal government will move to cancel his permanent residency visa and deport him to Italy once his sentence is served. His legal team had been seeking a new trial based on the decision during his previous trial to allow into evidence a handgun found in a Vespa scooter at the time of his arrest in 2015. The defence had argued the decision unfairly prejudiced the jury against Arico because it was presented as a "tool of the trade" for a drug dealer. Last week's High Court rejection will also open the way for prosecutors and the police Purana taskforce to seize about $15 million in property assets deemed to be the proceeds of crime. Law enforcement and underworld sources said Arico emerged as a major methamphetamine and cocaine trafficker following his release from prison in 2008 after serving a seven-year term for attempted murder and kidnapping.

It is believed that law enforcement agencies will argue the properties were funded by his criminal activities and constitute "unexplained wealth". In March last year, Supreme Court judge Cameron Macaulay issued restraining orders over five properties after receiving sworn evidence from police making an application under proceeds-of-crime legislation. Among the frozen properties is Arico's family home in Moonee Ponds that was bought for $2.1 million in 2015 and has been transformed into a palatial mansion now estimated to be worth almost $4 million. Arico now faces the seizure of millions of dollars in assets. Credit:Jason South He also owns an apartment in Eureka Tower and a holiday home overlooking Safety Beach on the Mornington Peninsula, which includes access to a bathing box estimated to be worth about $200,000.

During his trial, Arico claimed his occupation was a builder and developer who managed projects on behalf of family members who provided the land or financial backing. His parents and wife have been listed as owners on title records, mortgage documents and Australian Securities and Investments Commission company filings in at least seven property deals. The acquisitions had been backed by ANZ, Westpac and Commonwealth Bank, which provided substantial loans for the deals, some of which were for properties and companies registered in the name of the convicted criminal. The feared underworld boss had a particularly cosy relationship with certain people at the Commonwealth Bank. This came to light during a police sting in 2015. Arico was recorded in a street-corner conversation telling an underworld associate that certain Commonwealth bankers were willing to write up loans even if the borrower had suspect means of income.

“I’ll organise it with the banker," Arico was recorded telling his mate. "You come in the Commonwealth Bank, we see Hasan* the bank f---ing guy, give your details, sign the documents, to go for the loan and let me worry about it.” “Even better … We go and see Peter*… [he] is a hundred percent. This guy is the best … and whatever he’ll need to do, he’ll do.” Peter, whose real name can't be used for legal reasons, provided Arico a mortgage for his Moonee Ponds mansion just a day after Arico was arrested on extortion charges in 2015. The loan was in the name of an Arico relative and provided insight into how Arico laundered the proceeds of his lucrative drug empire. The transformation of tainted drug money was facilitated by unscrupulous mobile lenders prepared to write up loans while ignoring due diligence.