Issue Date: 03/02/2022
As part of an ongoing investigation, personnel attached to the Garda National Economic Crime Bureau have this morning, Thursday, 3rd February 2022, arrested a woman following searches in the south Dublin area.
The woman, aged in her 60s, is currently being detained at Irishtown Garda Station under Section 4 of the Criminal Justice Act 1984.
The arrest follows GNECB investigations into the woman, who is suspected of acting as an investment intermediary within the State, without the authority of the Central Bank.
This activity is an offence contrary to Section 9 of the Investment Intermediaries Act 1995. This prohibits any registered company or any person to act as an investment business firm or to claim themselves to be an investment business firm, in the State or outside the State, without authorisation.
Money ‘invested’ was transferred to Virtual Asset Service Providers (VASPs) and converted to cryptocurrency, the virtual assets was then transferred and moved through the Blockchain. A blockchain is a decentralised ledger of all transactions across a peer-to-peer network. Using this technology, participants can confirm transactions without a need for a central clearing authority. Other amounts of money were transferred internationally to international banks.
Following enquiries and collaboration with banks, the GNECB managed to identify a person who had transferred almost €1 million as an ‘investment’. Following co-operation with the relevant financial institutions, almost 50% of this €1million sum was frozen and returned to the victim.
Investigations are ongoing.
