A 68-year-old Swiss engineer, who claims to have been swindled out of $4.1 million (€4.5 million) by an English-based investment company, has told the High Court in Dublin some of his money might be in an account at Allied Irish Bank, Bank Centre, in Ballsbridge, Dublin.

Mr Leopold Bachmann, of Saumerstrasse, Ruschlikon, Switzerland, was granted an injunction by Mr Justice Herbert freezing all money in the account until September 7th or further court order.

Mr Ciaran Lewis, counsel for Mr Bachmann, told Mr Justice Herbert yesterday that in 1997 his client had invested $3 million in a high-interest paying trust with Inter Continental Securities Ltd, (ICS), Kent, England, but had since not received any interest or repayment on his capital investment.

Mr Lewis said that as he was making the Dublin application, corresponding proceedings were simultaneously taking place in the High Court in London where Mr Bachmann was suing for £3 million sterling (€4.76 million) damages for deceit, conspiracy and breach of duty.

He said the defendants in the case were ICS Ltd, Eltrade (International) Ltd, Herman J Bakhuis, Frans Anthoni, Leonard Philips, Christopher Wilson and Eltrade Englewood Ltd.

Mr Lewis told the court it was now clear to Mr Bachmann that representations made to him had been fraudulent in that there was no such investment scheme as put forward by the company and its representatives.

Mr Bachmann claimed his funds had been transferred without his consent to Jyske Bank in Denmark.

Last year he had retained the services of an international inquiry agent who had discovered that ICS, incorporated in England and Wales, was one of a number of companies and individuals involved in operating fraudulent investment schemes.

He claimed Mr Leonard Philips had incorporated ICS for the sole purpose of defrauding investors and continued to use the company as an instrument of fraud. He had obtained injunctions restraining the defendants from reducing their assets in England and Wales below $4.1 million.

The High Court in England had granted an order seeking to prevent the defendants from reducing their assets outside England and Wales but in order to give effect to this a similar order was required from the High Court in Ireland.

Mr Bachmann told the court his investigator had discovered that ICS had a bank account at AIB, Bank Centre, Ballsbridge, Dublin.