Five men have now been arrested as part of an investigation into a gang accused of laundering €1.5m through fake bank accounts.

Gardaí said the gang is accused of setting up bogus companies and opening “large number of bank accounts set up in false names” to launder the proceeds of crime.

Investigators said the money was the proceeds of “various cyber enabled frauds”, organised prostitution and theft.

Documentation relating to the bank accounts and the bogus companies were seized during eight searches in the north and west of Dublin this morning.

Four Romanian nationals aged in their late 20s and early 30s were arrested.

A further search was then carried out and a man in his mid 30s was arrested. Investigators also seized around €30,000 in cash along with documentation.

They have been taken to five separate Garda stations for questioning.