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Man charged over international invoice redirection fraud

Gardaí found that €430,000 had been transferred in fraudulent transactions.

Image: Shutterstock/Stephen Barnes

Updated Feb 10th 2021, 9:53 AM

A MAN HAS been charged in connection with an ongoing investigation into international invoice redirection frauds.

The man, aged in his late 20s, was arrested by gardaí yesterday and has since been charged.

He is due to appear before Criminal Courts of Justice at 10.30am today.

The man was arrested during a garda operation in the west Dublin area yesterday morning.

During the course of this ongoing investigation, gardaí established that funds amounting to €430,000 were transferred in fraudulent transactions from companies in Ireland, Spain, Belgium and the UK. 

€389,000 of the funds have been recovered and returned to the companies affected following an investigation with the assistance of the Irish Financial Intelligence Unit. 

This type of fraud involves a fraudster sending an email to a business claiming to be one of their legitimate suppliers, gardaí previously outlined. 

The email contains a request to change the bank account details for this business. When this is changed, any future payments are then sent to the fraudster’s bank account. 

Businesses usually don’t know they are a victim of this crime until the legitimate supplier sends a reminder invoice for payment.

The man was arrested by investigators at the Money Laundering Investigation Unit at the Garda National Economic Crime Bureau. He is currently being detained at Lucan Garda Station.

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The investigation is ongoing and further updates will follow, gardaí said.

With reporting by Órla Ryan

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