Gardaí arrested a suspect over an alleged €1 million fraud – as he “prepared to fly out of the country”, it has emerged.
The Irish Mirror has confirmed that the suspect, who is in his 60s, was arrested at Ireland West Airport in Knock, Mayo early yesterday as he allegedly arrived to take a plane out of Ireland.
He was being questioned last night at Claremorris Garda Station as part of a long-running probe into an alleged scam Ponzi scheme that costs punters some €1.2 million.
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The arrest was made by detectives from the Garda National Economic Crime Bureau who have been investigating the businessman for at least a year. The suspect can be detained for up to 24 hours.
A Garda spokeswoman said yesterday: “This morning, Sunday, June 11, Gardaí attached to the Garda National Economic Crime Bureau (GNECB) arrested a man for an ongoing investigation into an offence of deception in Charlestown, Co. Mayo.
“The arrest relates to an investigation into investment fraud. More than 65 complaints have been made to An Garda Síochána from persons who were deceived and lost approximately €1.2 million in total, between 2016 and 2022.
“The man, aged in his 60s, is currently detained at a Garda station in the Co. Mayo under the provisions of Section 4 of the Criminal Justice Act, 1984. Investigations are ongoing.”
Sources say the man ran an investment scheme from an office in Co Dublin. He offered investors the chance to make a profit on items they could purchase from him - but it’s alleged he took the cash and used it to fund his own lifestyle.
He is also alleged to have taken cash from late investors to pay off people who had put money in the scheme at the start – giving the illusion that punters were getting a return on their investment.
But that meant late investors saw no return – and lost their cash.
The company he ran was wound up several years ago and Gardaí believe he owed money to a significant number of investors.
The man is suspected of concealing the truth about his company’s problems as well as falsely claiming that investments in the business would be repaid.
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