Gardai arrested a man in Dublin as part of an investigation targeting international invoice redirect fraud.
A total of €430,000 was transferred in fraudulent transactions from companies in Spain, Belgium, the UK, and Ireland.
The man, aged in his late 20s, was arrested in west Dublin this morning and is currently detained at Lucan Garda Station under Section 4 of the Criminal Justice Act, 1984.
Invoice redirection fraud is when a con-artist tricks a business into changing bank account payee details for a known supplier. The scams can result in losses that run into hundreds of thousands of euro.
A garda spokesman said: "Following a lengthy investigation and with the assistance of the Irish Financial Intelligence Unit (FIU), €389,000 of the funds have since been recovered and returned to the companies affected.
"The investigation is ongoing and further updates will follow."
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