A land and forestry fraud believed to have cost investors over €4.5m has been uncovered by gardaí from the National Economic Crime Bureau.
Two men have been arrested and are being questioned at Bray and Dún Laoghaire Garda Stations.
rte.ie reports this morning that Detectives have so far discovered over 200 people who have been deceived into buying the same plots of land in Roscommon and Laois.
Accounts here and in the UK with over €1m have been frozen.
The investors who believed they would double their money in a few years are from all over Europe, many from the UK and Northern Ireland. None are from the Republic of Ireland.
Gardaí from the National Economic Crime Bureau have been investigating this scam for at least the last four months following a complaint from an investor.
He was one of over 200 people so far who thought they were buying land and forestry in Roscommon and Laois – the value of which they were told would double in around five years.
The investors who from the UK to Greece paid between €20,000 and €30,000 to a company here that sold the same plots of land to numerous people,
Those who visited were shown the same piece of land and assured that the trees would return a profit when they were cut down and sold.
Gardaí have not yet identified all the fraud victims and more may come forward.
Detectives searched homes and offices before arresting two men for questioning.
They are being detained under money laudering legislation and must be charged or released later today, the rte.ie report concludes