Gardaí investigating fraud at Gurranabraher Credit Union

Gardaí are investigating and a staff member has been dismissed after a case of fraud was discovered at a credit union in Co Cork.

It came to light on Wednesday that a sum of money had been misappropriated by a member of staff at Gurranabraher Credit Union.

The investigation is at an early stage so it has not yet been possible to determine the exact amount involved.

Cases of fraud can involve situations where only a portion of customer lodgements are properly logged on the system by staff. If a number of customers are involved, it can be difficult to determine the extent of the fraud.

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Gurranabraher Credit Union did not respond to several queries from The Irish Times in relation to the matter.

In a statement, the Central Bank confirmed it was investigating.

“The Central Bank of Ireland is responsible for the regulation of credit unions registered under the Credit Union Act, 1997 (as amended),” it said.

“Confidentiality provisions in legislation prevent Central Bank from discussing individual firms. The Central Bank is engaged with this credit union on certain issues and will continue to engage.”