A major investigation is under way by the Garda National Economic Crime Bureau (GNECB) into a large-scale, mortgage fraud scheme estimated at over €4 million.
Gardaí attached to the GNECB’s Serious Economic Crime Investigation Unit have identified a total of 109 suspicious mortgage applications which have been submitted to a number of financial institutions.
A male was arrested at his home in Rathfarnham, Dublin at 7am on Tuesday morning on suspicion of conspiracy contrary to Section 71 of the Criminal Justice Act 2006.
It followed searches on a number of premises in Rathfarnham and Templeogue in south Dublin as part of the investigation.
The suspected fraud was brought to the attention of gardaí after several banks and lending institutions became concerned about some mortgage applications being made.
Gardaí said a large quantity of documents and computers were seized during the course of the searches.
The man is currently being held at Rathfarnham Garda station for questioning.
According to gardaí, applicants paid varying amounts of money for the creation of false documents which were subsequently submitted to financial institutions to make their applications “more favourable” to the banks.
“They paid both in an upfront fee and then with an additional payment when the mortgage was secured,” according to a Garda statement.
Gardaí said the investigation was ongoing and a full file would be prepared and submitted to the DPP.