Gardaí have seized computers and phones in a series of raids in Cork as part of a major investigation into a suspected fraud operation involving the theft of tens of millions of euros.
Officers from the Garda National Economic Crime Bureau ((GNECB) are leading the investigation into the Cork city-based investment company, which had handled investments of around €180 million for clients.
Garda sources were remaining tight-lipped about the sums of money missing other than to say they were “substantial and significant,” but it is believed that the sums may run into tens of millions of euros.
“When this investigation began 18 months ago, the sums at stake were X amount but as the inquiry progressed, it became clear the sums were several multiples of that amount,” said one Garda source.
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Garda sources said the investigation was launched after they received a number of complaints from investors that they were unable to access their investments with the company after they had matured.
Detectives from the GNECB carried out simultaneous raids on the company’s office in Cork city centre as well as that of the owner of the company in east Cork and the home of an assistant in the city.
Gardaí obtained District Court orders under money laundering legislation to freeze 12 bank accounts linked to the company and the beneficial owner of the firm as part of the extensive investigation.
Around a dozen officers were involved in the search operation which took several hours to complete and saw computers, laptops and mobile phones as well as extensive files seized by investigators.
The computers, laptops and mobile phones have all been sent for examination by garda technical experts from Garda National Cyber Crime Bureau (GNCCB) who assisted in the search operation.
According to the Garda Press Office, no arrests have been made to date in the operation but the investigation into the suspected fraud and deception is continuing.
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