Two men involved in a forestry fraud scam worth up to €5m have been granted bail, having appeared in court yesterday, RTE News reports.

Garret Hevey from Brookdene, Shankill, Co. Dublin and David Piele from Rectory Way, Bray, Co. Wicklow have been granted bail on a number of conditions, despite objections by the Gardai.

Gardai from the Garda National Economic Crime Bureau (GNECB) this week arrested the two men in their 40’s in connection with alleged investment fraud and money laundering offences.

As part of this investigation the Garda National Economic Crime Bureau has frozen a significant amount of money held in Irish banks, reported to be in the region of €1.9m.

Both men were charged with the deception of £52,000 (€61,000) from a Swedish investor Kari Wahlstrum, which is believed to have taken place in February 2016.

Heavey, who is the Company Director of Arden Forestry Management Ltd, also has a second charge which alleges he was in possession of €1,982,825 in crime proceeds in June of last year.

Heavey, who is 41-years-old, appeared at a late sitting of Dublin District Court, where the judge reportedly set his bail bond at €5,000, of which half must be lodged in court, as well as independent surety amounting to €20,000 of which €10,000 must be lodged.

Meanwhile, 40-year-old Piele, who is father-of-two, appeared at Dun Laoghaire District Court where he was granted bail.

Bail was reportedly granted on condition of a lodgement of €5,000 in cash and an independent surety of €5,000.

Gardai objected to bail being granted on the grounds that both men were potential flight risks.

RTE reported that 200 people from Europe may have been affected by the fraudulent activity, but none are from the Republic of Ireland.

It is understood that investors were told the value of the investment would double over the next five years and would return a profit once the trees had been clear felled.