The three men and two women, who are aged between their 20s and 60s, are also being quizzed about a similar theft of more than €250,000, which happened at an education company which services Co Meath and Co Louth. Invoice redirection fraud happens when a business falls prey to requests, purporting to come from trusted suppliers or service providers, and is persuaded that a beneficiary's bank account details have been changed. As a result, funds that are due to be paid out are transferred to a fraudulent account. The five people arrested in dawn swoops yesterday are all suspected of being part of an organised crime network and originally from the Indian sub-continent.

Source: Irish Independent March 01, 2018 06:56 UTC