U.S. and Italian authorities collaborated in a joint operation to bust the New York and Sicilian Mafia Thursday. Approximately 74 suspects were put under arrest in an operation which might be one of the biggest blows against organized crime.

The 170-page indictment unveiled by the NY prosecutors contained detailed information about 62 individuals suspected of murder, racketeering, loan sharking, conspiracy, drugs and extortion charges for crimes going back as far as the 1970s.

About 54 supposed members belonging to the Gambino, Genovese, and Bonanno families were detained in the sweep and eight others of those indicted weren’t captured.

Among those charged were top Gambino leaders including acting boss John D'Amico, also known as "Jackie the Nose," acting underboss Domenico "The Greaseball" Cefalu and consigliere Joseph "Miserable" Corozzo.

The chargers strike the Gambino family at its very nucleus as it targets its leadership and illicit profits, said US Attorney Benton Campbell as he unveiled the charges.

"Today we serve notice that anyone who aspires to a position in organized crime will meet the same fate," Campbell added.

The prosecutors said that all the members of the Gambino crime family administration besides those who are already in jail were charged.

"This is an obviously very large indictment. I think it'll have significant ramifications," said New York Police Commissioner Ray Kelly.

The members of the mafia families charged after the sweep face jail terms of up to 20 years on each count of their indictments if convicted.

However, despite the sweep which is without any doubt a major blow to the organized crime, the Mafia remains a major threat, said Deputy director of the Federal Bureau of Investigation, John Pistole.

"Today's arrests will be a major setback for the Gambino crime family, but it is a fallacy to suggest that La Cosa Nostra is no longer a threat to public safety," he said. "Organized crime in New York is not dead."