Gardai have smashed a €29 million VAT fraud gang as they launched multi-agency raids across the country.
The Garda National Economic Crime Bureau commenced a multi-agency investigation in September 2016 into a the multi-million euro international fraud.
The so-called "carousel fraud" involves funds moving across borders in an effort to defraud the State of VAT.
A spokesman said: "Funds were identified moving through bank accounts across a range of financial institutions linked to various companies in Ireland and Northern Ireland, under the control of an organised crime group.
Large sums of money were subsequently transferred to bank accounts in a number of foreign jurisdictions.
They added: "V.A.T. carousels involve more than one jurisdiction and numerous layers to facilitate the alleged movement of goods which in turn leads to the state being defrauded of VAT.
"This type of fraud involves supplier companies, V.A.T. registered entities, customer companies and transport companies."
Specialist garda units liaised with with Revenue, their colleagues in the PSNI and the National Crime Agency in the UK.
A garda statement revealed: "Since the investigation’s inception, numerous production orders have been served on financial institutions and a large volume of documentary evidence has been uplifted.
"In September 2017 fifteen properties, both commercial and residential were searched across four provinces, by The Garda National Economic Crime Bureau. A large volume of both digital and documentary evidence was seized.
"In May 2019, one person, female aged (40s) was arrested as part of this investigation in Co. Louth and detained under the provisions of Section 50 of the Criminal Justice Act 2007 for questioning. (Organised crime legislation) She was subsequently released without charge."
The most recent arrest was made on Tuesday when a man in 50s was arrested for questioning at Castlerea Garda Station.
