A man in his 50s has been arrested following a two-year ongoing investigation on foot of intelligence received from the Property Registration Authority (PRA).
Gardaí said that the man, "acting in a professional capacity, is suspected of submitting false deeds to the PRA stating the ownership of two properties had transferred from one entity to a second entity."
They added: “An estimated €260,000 in funds was fraudulently claimed by persons involved in this scam, from the collection of rent at these properties."
They added that as a result of this, the legitimate owners of the properties suffered a significant financial loss and did not financially benefit from the fraudulent claims.
Gardaí said the extensive investigation conducted by Garda National Economic Crime Bureau (GNECB) involved inquiries through Interpol in the UK, USA and Virgin Islands.
“A number of companies registered in these jurisdictions are believed to be connected to this investigation,” said a statement.
“To date, GNECB have conducted four search operations and seized over 480 exhibits in relation to the investigation.
“Today’s arrest is the latest in a series of investigative tasks conducted by GNECB in relation to this matter.
“The man is currently detained under Section 4 of the Criminal Justice Act, 1984 in Terenure Garda Station.”