A former solicitor has admitted at Naas Circuit Court to his role in an €8.8 million fraud.

The money was borrowed from Investec Bank but never paid back.

John Duffy, 44, from Clogheen, Monasterevin in Co Kildare pleaded guilty this afternoon to one charge of dishonestly obtaining a loan of the money from the bank with the intention of making a gain in 2007.

One of his clients, Tony McAuliffe, 71, from French Furze in Co Kildare, has already pleaded guilty to the same offence.

Both men were remanded on bail to appear again in court next week.

A third accused in the case, former accountant Frank O'Carroll, from Johnstown Manor, Naas in Co Kildare, is listed for trial tomorrow morning.