A 40-year-old man has appeared in court charged in connection with an investigation into an alleged €5m investment fraud.

Davie Piele was arrested yesterday morning at the home he shares with his partner and two children at Rectory Way in Bray, Co Wicklow

He is accused of deceiving a man called Kari Wahlstrom to the sum of £52,000 sterling at AIB in Dún Laoghaire.

The court heard it will be alleged that Mr Wahlstrom believed he was buying land that would avail of Government grants.

Mr Piele, who is from the UK, took up bail this afternoon.

A second man arrested as part of the investigation is still being questioned at Dún Laoghaire Garda Station.