forestry in Roscommon

Man charged with fraud involving forestry in Roscommon

forestry in Roscommon

Gardaí from the Garda National Economic Crime Bureau (GNECB) have arrested two men in their 40’s in connection with alleged investment fraud offences and money laundering offences involving up to €5m.

The arrests relate to allegations that over 200 people across Europe were deceived into buying the same plots of land and forestry in Roscommon and Laois. Investors paid up to €30,000 for the land and forestry on the assumption that they would net a profit once the trees were harvested. It is not believed that any of the investors are from the Republic of Ireland. The Garda investigation began after one investor reported the incident. As part of this investigation the Garda National Economic Crime Bureau has frozen a significant amount of money held in Irish banks.

Both men were arrested yesterday in Co Dublin and Co Wicklow and are currently detained at Dun Laoghaire and Bray Garda Stations under the provisions of Section 4 Criminal Justice Act 1984.

David Peile from Rectory Way in Bray appeared before Dún Laoghaire District Court this morning accused of deceiving a person to invest over £50,000 in forestry in Ireland. Despite objections from Gardaí, Judge Ann Watkins released Mr Peile, who was also known as David Marshall, on €5,000 bail along with another €5,000 bond requiring him to sign on twice daily and surrender his passport. He was also directed not to leave the country and be contactable by Gardaí on his mobile phone at all times. He is due to appear in court again in six weeks time. There has been no statement from Gardaí on the status of the co-accused.