Man held over fraud and money-laundering scam

Detectives are questioning a 49-year-old man in connection with a multi-million international fraud and money-laundering scam.

More than €1m in monies in bank accounts here have been frozen, while a further €4m in accounts abroad have been put beyond his use, it is understood.

The man, born in Britain but reared in Ireland, was arrested in Co Leitrim yesterday morning following a search of a house.

The arrest was the result of an operation carried out by the Garda Bureau of Fraud Investigation, with the assistance of the Criminal Assets Bureau. Gardaí said the operation related to “investment fraud and related money-laundering.”

A Garda source said the man engaged in “serious fraud” and “masqueraded in many guises in Ireland.”

It is understood he specialised in creating “false legends” to secure large loans from international banks. It is believed he created a fake financial background for businesspeople and companies who had a poor credit rating.

It is understood he created all the necessary financial documentation for these clients to secure the loans and took a share of the money.

Gardaí said the man produced “high-quality documentation” and had a reputation internationally for providing a “top-end service.”

A source said the investigation was initiated by the GBFI: “It had its genesis here, but there are strong international connections.”

The CAB were involved for their knowledge in identifying foreign bank accounts and working with foreign police agencies in effectively freezing them.

The man was taken to Carrick-on-Shannon Garda Station and detained under Section 4 of the Criminal Justice Act 1984. He can be held for 24 hours, excluding breaks. Gardaí said investigations were ongoing.