The fraud being investigated involves the Pandemic Unemployment Payment.
Gardaí have arrested a man in Dublin as part of a fraud investigation involving the Pandemic Unemployment Payment (PUP).
The ongoing probe relates to the fraudulent claiming of the PUP, as well as the laundering of the proceeds of international Business Email Compromise (BEC) frauds.
In a statement, a Garda spokesperson said the value of money stolen as a result of the PUP fraud is approximately €49,500 and that this money was paid into a number of bank accounts set up using false identities.
Separately, an estimated €120,000 was stolen in an online fraud and paid into these same bank accounts.
As part of their investigation, Gardaí attached to the Garda National Economic Crime Bureau (GNECB) conducted a search operation in Swords on Wednesday morning (13 July).
Conducted with the assistance of Gardaí on secondment at the Department of Social Protection, during the course of the search laptops, phones, documentation, a quantity of cash and a car were seized.
A man in his late 20s was arrested and is currently detained under Section 50 of the Criminal Justice Act, 2007 in Swords Garda Station.
The Garda spokesperson said investigations are ongoing.
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