A former bank manager from south Armagh has been charged in connection with a £7m fraud and money laundering operation.
Peter Cregan, 43, from Silverbridge, was accused of defrauding the First Trust Bank, which is part of the AIB group.
He was arrested as part of a major cross-border investigation involving the PSNI and gardaí.
A PSNI detective told the court that Mr Cregan had been arrested last week and large amounts of documentation were taken from his home following a complaint from First Trust and an anonymous source.
Also appearing at Armagh Magistrates Court was Mr Cregan's co-accused, 52-year-old Damien Mallon, who is charged with conspiring with him to fraudulently obtain money.
A PSNI detective told the court that the police had received a complaint from the First Trust Bank and a third party in respect of £3.4m and €3.9m.
The two men were remanded in custody. The PSNI said the investigation could last for some weeks or several months.
