Man held in fraud squad raid
A man was being questioned by fraud squad officers today after an early morning raid at a financial institution.
Officers from the Garda Bureau of Fraud Investigation searched the premises as part of a continuing operation into alleged financial irregularities at Anglo Irish Bank.
A garda spokesman said a man in his early 60s was arrested and he can be held for 24 hours.
“He is being detained under the provisions of Section 4 of the Criminal Justice Act 1984 as amended at Bray garda station,” he said.
Gardaí were called into investigate Irish financial insitutions 13 months ago.
The investigation has three parts; firstly the transfer of nearly €7.5bn from Irish Life and Permanent to Anglo Irish Bank.
Secondly, loans of €451m from Anglo to ten customers, to buy shares which had the effect of propping up the bank's market value.
And finally, secret loans of €80m to Anglo's former chairman.
The bank is refusing to comment on this morning's development.
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