Former Anglo Irish Bank chief executive David Drumm was in custody in the United States on Saturday night ahead of an extradition hearing on Tuesday.
A spokeswoman for the the United States Attorney for the District of Massachusetts, Christina DiIorio-Sterling, told The Irish Times: "I can confirm that Mr Drumm was arrested today by US Marshals in Massachusetts on an extradition warrant. He will remain in custody until his hearing in federal court in Boston on Tuesday. I cannot provide any further information at this time."
The 48-year-old is set for court on Tuesday as Monday is a public holiday in the United States.
Responding to reports that Mr Drumm had been arrested, Brookline Police Department in Massachusetts said: "All we know right now is that the US Attorney's Office is going to issue a press release on Tuesday and that Mr Drumm will also be going to court on Tuesday," the spokeswoman told The Irish Times.
Mr Drumm will appear in court on Tuesday because Monday is Columbus Day and a public holiday in the US. He will appear at the US District Court in the John Joseph Moakley US Courthouse in the same building where Boston gangster James “Whitey” Bulger and the Boston Marathon bomber Dzhokhar Tsarnaev were tried.
The courthouse overlooks the waterfront of Boston Harbour and is a short walk from the US Bankruptcy Court for the District of Massachusetts where Mr Drumm filed for bankruptcy in 2010.
Drumm has been at the centre of a controversial bankruptcy process in the US, where he moved to from Ireland after resigning from the bank in 2008.
He has also been under investigation by the Garda as part of the wider ranging criminal probe into the collapse of Anglo and files have been sent by the Garda Bureau of Fraud Investigation to the DPP.
Earlier this year the DPP requested that the banking inquiry not publish a statement Drumm had issued to it.