The jury in the fraud trial of a former solicitor has heard he allegedly stole €1.8 million that three garda clients had entrusted to him to repay a property loan.

Thomas Byrne (47) with an address at Mountjoy Square in Dublin denies 51 charges including the alleged theft of over €50 million from six financial institutions - EBS, Anglo Irish Bank, IIB, Irish Nationwide Building Society, Bank of Scotland Ireland and NIB.

The prosecution claims he forged documents which made it appear that his clients had transferred their properties over to him. It is alleged he then used the properties as leverage to secure multiple bank loans between 2004 and 2007.

In his opening address for the prosecution, Remy Farrell SC described the alleged fraud as harebrained because the bank loans had to be paid back.

"In October 2007 the music stopped playing. A lot of people were found to be swimming naked when the tide went out, none more so than Mr. Byrne", he said.

Mr. Farrell told the jury, that at the end, Thomas Byrne issued a statement of affairs suggesting he was making millions in some Italian fashion houses and that he owned a huge portfolio of property. The court heard his solicitor’s practice in Walkinstown was taken over by the Law Society in 2007.

"What is surprising is that the banks, on little more than the say so of Mr Byrne, were happy to extend him large sums of money", Mr. Farrell added.

The prosecuting barrister noted that this was the Celtic tiger era and while the jury may be angry or of the view that the banks got what they deserved, they should keep an open mind.

"It is not a case where the banks are on trial. Thomas Byrne is on trial", he said.