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Dublin: 16 °C Saturday 4 July, 2020
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Five men arrested as part of investigation into €1.5m money laundering operation

It came after gardaí identified a number of bogus companies established by a criminal group.

Image: Brian Lawless/PA Images

FIVE MEN AGED in their 20s and 30s have been arrested after a number of searches were carried out in Dublin as part of an investigation into money laundering.

Gardaí had identified a number of bogus companies established by a criminal group and a large number of bank accounts set up in false names and those of so-called ‘money mules’.

Investigators established that around €1.5 million was laundered through these bank accounts, and that the money was obtained through cyber fraud, organised prostitution and theft.

Eight searches were carried out in Dublin this morning, when the four men, who are Romanian nationals, were arrested on suspicion of criminal activity, money laundering and obstruction.

Documents pertaining to the bogus companies and bank accounts, IDs, cash and phones were also seized.

After a further search in north Dublin, another man in his mid thirties was arrested. Approximately €30,000 in cash and documentation regarding fraud was seized. 

Two of the men are being detained under Section 50 of the Criminal Justice Act, 2007 at Clontarf and Ballymun Garda Stations.

One man is being detained under Section 4 of the Criminal Justice Act, 1984 at Raheny and another who was was arrested for obstruction and was taken to Swords Garda Station.

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The man arrested in the latest search in north Dublin is being helf at Store Street Station, detained under Section 4 of the Criminal Justice Act 1984. 

A garda spokeswoman said that investigations are ongoing.

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