THE CHIEF EXECUTIVE of the Limerick & District Credit Union Limited has said its members savings are “unaffected” despite a Garda investigation into a major alleged fraud at the service.

Gardaí have been investigating alleged fraudulent activity worth hundreds of thousands of euro at the Limerick-based credit union.

An Garda Síochána has been making painstaking enquiries into the alleged fraud since the credit union red-flagged the financial anomalies on June 14th, 2024.

Caroline Long, chief executive officer with the Limerick & District Credit Union Limited issued a statement today after the matter was first reported by the Limerick Leader.

“When, in 2024, the credit union became aware of a financial irregularity, we immediately contacted the regulatory authorities, a full independent review was carried out and a report made to An Garda Síochána,” Long said.

“Members’ savings were unaffected, and the credit union is insured to deal with matters of this nature,” Long added.

A Garda spokeswoman said that the probe into the alleged fraudulent activity was “ongoing”.

“Gardaí have received a report of an alleged incident of fraud at a financial institution in Limerick on 14th June, 2024” the Garda spokeswoman said.

Gardaí confirmed that no arrests have been made as part of their investigation.