Gardaí from the Garda National Economic Crime Bureau (GNECB), working with Europol and Eurojust, are investigating the incident whereby a criminal organisation are committing invoice redirect frauds internationally.
To date, it is estimated that this organised crime gang has laundered over €3.5 million through a network of bank accounts set up by Italians, Romanians nationals, among other nationalities.
Following a surveillance operation, search warrants were executed at two residential properties in Glasnevin and Portobello on Monday morning.
During the search operation two men, aged 27 and 45, were arrested, one man at each location.
The men are being detained at Kevin Street and Mountjoy Garda Stations under section 50 of the Criminal Justice Act, 2007 as amended by the Criminal Justice (Amendment) Act, 2009.
The investigation is ongoing.