Gardai from the Garda National Economic Crime Bureau (GNECB) have arrested two men in their 40’s in connection with alleged investment fraud and money laundering offences involving up to €5m.
As part of this investigation the Garda National Economic Crime Bureau has frozen a significant amount of money held in Irish banks.
RTE reports that 200 people from Europe may have been affected by the fraudulent activity, but none are from the Republic of Ireland.
It also reports that the victims paid between €20,000-30,000 to a company in Ireland which sold the same land and forestry parcels in Co. Roscommon and Co. Laois to numerous people.
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.
According to An Gardai Siochana, both men were arrested yesterday in. Co Dublin and Co. Wicklow and are currently detained at Dun Laoghaire and Bray Garda Stations under the provisions of Section 4 – Criminal Justice Act 1984.
One of the men will appear before Dun Laoighaire District Court at 10.30am this morning charged with the investigation, while the other male remains in custody in Dun Laoighre Garda Station.