Gardaí were last night continuing to question a 36-year-old financial adviser arrested in Cork over alleged irregularities in mortgage applications which he made on behalf of up to 20 clients over a three-year period.
The man was arrested at his home in Cork city under section 4 of the Criminal Justice Act and brought to Mayfield Garda station for questioning about alleged offences under the Criminal Justice Fraud and Theft Act.
Yesterday’s arrest is the first under the Garda Bureau of Fraud Investigation inquiry, ongoing for about two years, into the adviser’s processing of mortgage applications on behalf of clients, and whether he may have falsified papers regarding their earnings to allow them to secure larger mortgages.
It is believed the matter came to light when staff at one of three financial institutions affected checked documents after a client had difficulties meeting repayments, and the matter was brought to the attention of the Garda. The inquiry is focusing on the 2005-2008 period.