A man has been arrested as part of an ongoing investigation into international money laundering involving invoice re-direction frauds.
Investigators at the Money Laundering Investigation Unit at the Garda National Economic Crime Bureau arrested the man in his late 20s on Tuesday morning in the west Dublin area.
During the course of the investigation, gardaí established that funds totalling €430,000 had been transferred in fraudulent transactions from companies in Spain, Belgium, the UK, and Ireland.
With the assistance of the Irish Financial Intelligence Unit, €389,000 of the funds have since been recovered and returned to the companies impacted.
The man is currently being held at Lucan Garda Station under Section 4 of the Criminal Justice Act, 1984.
Gardaí say the investigation is ongoing.