A man has been arrested by gardaí in connection with an alleged fraud of over €300,000 in Italy.

Officers attached to the Garda Bureau of Fraud Investigations arrested the 32-year-old man yesterday afternoon.

It relates to an alleged offence on an Italian man, who is based in Italy.

The detained man was arrested as he attempted to withdraw the funds from a bank.

He was taken to Store Street garda station where he was held under Section 4 of the Criminal Justice Act.

But he has since been released without charge, and a file is being prepared for the Director of Public Prosecutions (DPP).