Gardaí investigating €4m fraud involving 109 suspect mortgage applications make an arrest

The Garda National Economic Crime Bureau conducted searches this morning in the Rathfarnham and Templeogue areas of south Dublin and removed a large amount of documents and digital devices.

A man has been arrested for suspected conspiracy offences relating to the alleged frauds.

The operation was conducted by the bureau's Serious Economic Crime Investigation Unit.

A Garda statement said: “Gardaí attached to the Serious Economic Crime Investigation Unit are currently investigating a number of complaints from various financial institutions relating to fraudulent mortgage applications.

“Over 109 suspect mortgage applications, with a value in excess of €4 million, have been submitted to these financial institutions.”

The statement said applicants “paid varying amounts of money for the creation of false documents”, which were then submitted to financial institutions in order to make their applications appear “more favourable” to the banks.

“They paid both in an upfront fee and then with an additional payment when the mortgage was secured," it said.

It said searches were carried out at premises in the Rathfarnham and Templeogue areas of Dublin.

“A large quantity of documents and computers were seized during the course of these searches,” it said.

It added: “On the 4th of February 2020 at approximately 7am, a male was arrested at his home address in Rathfarnham, Dublin 14 on suspicion of the offence of conspiracy contrary to Section 71 of the Criminal Justice Act 2006.”

He was taken to Rathfarnham Garda Station where he was detained under the provisions of Section 50 of the Criminal Justice Act 2007.

“This investigation remains ongoing,” the statement said. “A full file will be prepared and submitted to the Director of Public Prosecutions.”