Five people have been arrested in connection with an investigation into invoice redirect fraud during which over €750,000 was stolen.

Three men and two women were arrested in Dublin and Tipperary this morning on suspicion of money laundering.

They are being questioned at Clonmel, Cahir and Rathfarnham Garda Stations.

Invoice redirect fraud entails companies being contacted and tricked into redirecting payments into fraudsters accounts.

Dublin Zoo was among those targeted.

Gardaí say they have frozen bank accounts and recovered a substantial amount of the money.