A man has been arrested by Gardaí investigating fraud involving the Pandemic Unemployment Payment (PUP).

Officers conducted a search operation in the Swords area of Dublin on Wednesday.

It is part of an ongoing investigation into the fraudulent claiming of PUP, and the laundering of the proceeds of international Business Email Compromise (BEC) frauds.

Gardaí say the value of money stolen as a result of the PUP fraud is approximately €49,500.

This money was paid into a number of bank accounts set up using false identities.

Separately, an estimated €120,000 was stolen in an online fraud and paid into these same bank accounts.

The search operation was conducted with assistance from Gardaí on secondment at the Department of Social Protection.

During the search laptops, phones, documents and a quantity of cash and a car were seized.

A man aged in his late 20s was arrested.

He is being held under Section 50 of the Criminal Justice Act at Swords Garda station.

Gardaí say investigations are ongoing.