Industry News from Yes Insurance

A man living in Ireland has been arrested in a huge operation centred on money laundering.

The unnamed man is at the centre of a massive operation which is looking into home home insurance and mortgage fraud.

Up to 500 houses are thought to be involved in the scam and raids have been carried out in the Republic of Ireland, Northern Ireland, Scotland and England.

"This is part of a protracted investigation which has been ongoing for several months," said a spokesman for the Police Service of Northern Ireland.

Police believe that much of the money used by the racket has been gained through the drugs trade.

As well as raids on houses, many warehouses and businesses were also searched, with the Criminal Assets Bureau (CAB) seizing a number of documents.

"The bureau is conducting a series of searches in relation to criminal conduct of an individual in south County Dublin and its associates," said a CAB source.

Investigations are continuing and raids are still being carried out across the UK and Ireland.

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