Monday 19 August 2019

Man arrested in relation to 29 million euro fraud investigation

A man in his 50s was taken into custody on Tuesday.

Gardai have arrested one man in connection with a 29 million euro fraud investigation (Niall Carson/PA Wire)
Gardai have arrested one man in connection with a 29 million euro fraud investigation (Niall Carson/PA Wire)

By Michelle Devane, PA

A man has been arrested in connection with a 29 million euro fraud investigation, the Garda said.

The man, aged in his 50s, was taken into custody on Tuesday and is currently being detained at Castlerea garda station in Co Roscommon.

He is the second person to be arrested in relation to the case.

In May, a woman, aged in her 40s was arrested in Co Louth but she was subsequently released without charge.

It follows a three-year investigation by the Garda national economic crime bureau into VAT carousel fraud.

VAT carousels involve more than one jurisdiction and numerous layers to facilitate the alleged movement of goods which in turn leads to the state being defrauded of VAT.  

This type of fraud involves supplier companies, VAT registered entities, customer companies and transport companies.

Funds were identified moving through bank accounts across a range of financial institutions linked to various companies in Ireland and Northern Ireland, under the control of an organised crime group.

Large sums of money were subsequently transferred to bank accounts in a number of foreign jurisdictions.

Since the start of the investigation, gardai said numerous production orders have been served on financial institutions and a large volume of documentary evidence has been uplifted.

In September 2017, 15 properties, a mix of commercial and residential, were searched across four provinces and a large amount of evidence was seized.

The crime bureau’s investigation has been support by other members of the gardai, the Revenue Commissioners, the PSNI, the National Crime Agency and Her Majesty’s Revenue and Customs Agency (HMRC).

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