Three men have been arrested as part of garda investigations into two invoice redirect frauds of over €500,000.

Two men were detained by officers from the Garda National Economic Crime Bureau after more than €300,000 was stolen from a Spanish company and redirected to an account here.

The men, in their twenties, are being questioned at Lucan Garda Station.

A third man was arrested during a separate investigation after another €200,000 was directed from a company account in Ireland to another account here.

Invoice redirection fraud is where criminals contact businesses by phone, email or letter pretending to be one of their legitimate suppliers and trick staff into changing bank account details for a legitimate supplier, to those that benefit the criminals.

Gardaí say today's arrests are the result of two separate ongoing investigations by the Garda National Economic Crime Bureau.