Updated: 07/02/17 : 12:39:48
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Two arrests in €4.5m forestry fraud scheme

Gardaí have uncovered a €4.5m land and forestry fraud scheme.

Two men have been arrested after the scheme was discovered by gardaí from the National Economic Crime Bureau.

The men in their 40s are being questioned at Bray and Dún Laoghaire Garda Stations.

RTÉ reports that detectives have discovered over 200 people from all over Europe who have been deceived into buying the same plots of land in Roscommon and Laois.

One of the victims of the scam, who thought they were buying land, brought the alleged fraud to the attention of gardaí. It is reported that the investors were told the value of the land would double in around five years.

Investors paid between €20,000 and €30,000 for the plots.

The Garda National Economic Crime Bureau has frozen a significant amount of money held in Irish banks and gardaí have said that more fraud victims may come forward.

The two men arrested are being detained under alleged investment fraud offences and money laundering legislation and will either be charged or released later today.