A Spanish company was deceived into transferring "significant amounts" of money
Three men have been arrested by gardaí as part of an international fraud investigation.
The men arrested are suspected of being part of an organised criminal network involved in international fraud and money laundering activities.
Gardaí say a Spanish company was deceived into transferring "significant amounts" to an Irish bank account being operated under a company name by those arrested.
The vast majority of this money has been recovered.
The Garda National Economic Crime Bureau arrested two of the men - aged 24 and 25 - in Lucan, Co Dublin on Wednesday.
They are being held under Section 4 of the Criminal Justice Act at Lucan garda station.
A third man, aged 25, was also arrested in Dublin city centre on Wednesday.
He is suspected of deceiving an Irish company into transferring a significant amount to an account he controlled.
All of this money has also been recovered.
He is currently being detained under Section 4 of the Criminal Justice Act at Bridewell garda station
Assistant Commissioner of Special Crime Operations, John O'Driscoll, said the arrests were "extremely significant".