Man, 40s, arrested in €20m property fraud probe

This is the twelfth arrest as part of the investigation. 

The investigation involves a fraud of up to €20m.

Update: Gardaí have released the man without charge.

A man in his 40s has been arrested today in relation to an ongoing investigation into property registration fraud.

Gardaí attached to the Garda National Economic Crime Bureau (GNECB) and Dundalk arrested the man in Donegal.

The man has been detained in relation to an investigation into the removal of mortgage charges from 12 properties, six of which were then sold. 

"This investigation involves a fraud of up to €20million," a garda spokesperson said. 

"It involves the use of fraudulent documentation to remove mortgage charges held by Financial Institutions on properties, thus allowing the sale of those properties without repaying the mortgages."

This is the twelfth arrest as part of this investigation.

The man is currently detained under Section 50 of the Criminal Justice Act, 2007 at Milford Garda station where he can be detained for up to seven days.