A man has been arrested on suspicion of fraud following a tip-off from his former employer.

The Garda National Economic Crime Bureau (GNECB) previously carried out searches in Meath, Dublin, Waterford and Wicklow as part of the investigation.

The man in his 40s was arrested this morning on suspicion of falsifying records and deceiving applicants into believing he had processed their financial applications.

The fraudulent activity involved using the personal details of the company’s current employees without their knowledge.

The man also attempted to destroy evidence of the criminal activity and corrupt payments of €17,000 were made in the form of bribes in order to conceal information.

The searches carried out by the GNECB earlier this year resulted in the seizure of files and electronic storage devices.

The man in question is being held for questioning at Blanchardstown Garda Station under Section 50 of the Criminal Justice Act.

Gardaí say investigations are ongoing.