Assistant Commissioner John O’Driscoll said the arrests are "extremely significant"

Gardaí investigating fraud and money laundering have arrested three men.

Yesterday afternoon, two men - aged 24 and 25 - were arrested in the Lucan area of Dublin.

They're suspected of being part of an organised criminal network involved in international fraud and money laundering.

It's after a Spanish company was deceived into transferring significant amounts of money to an Irish bank account operated under a company name by the men.

Gardaí say most of the money has now been recovered.

Meanwhile, a third man aged 25 was arrested in Dublin city centre yesterday.

He's suspected of deceiving an Irish company into transferring a significant amount to an account he controlled.

All three of the men are being held at Garda stations in Dublin, where they can be held for up to 24 hours.

The force's Assistant Commissioner John O’Driscoll described the arrests as "extremely significant".

He said: "It is particularly satisfying to recover money that was stolen and could have resulted in companies, both at home and abroad, going out of business had it not been recovered.”