Gardaí attached to the Garda National Economic Crime Bureau (GNECB) arrested a solicitor on Friday, following a two-year investigation on foot of intelligence received from the Property Registration Authority (PRA).
The man, acting in a professional capacity, is suspected of submitting false deeds to the PRA stating that the ownership of two properties had transferred from one entity to a second entity.
An estimated €260,000 in funds was fraudulently claimed by individuals involved in this scam, who collected rent at these properties.
As a result, the legitimate property owners suffered significant financial losses.
The garda probe ranged across Interpol in the UK, USA and Virgin Islands, where a number of companies connected to the investigation are registered.
To date, GNECB has conducted four search operations and seized over 480 exhibits in relation to the investigation.
The man was detained under section 4 of the Criminal Justice Act 1984 in Terenure Garda Station.
The solicitor is due to be sentenced in a separate fraud case in July at Dublin Circuit Court after he admitted six sample charges of obtaining money by false pretences at a court sitting last January.
The Irish Independent has reported that gardaí are investigating if the solicitor acted for criminals in re-registering vacant properties in the city.