Gardaí are warning businesses to be wary of a new scam which has caught a number of people out.
According to the gardaí, several members of the public have fallen victim to the fraud after responding to newspaper advertisements offering unsecured loans with keen rates of interest.
Loan applicants are asked to deposit a sum of money with the lender, who then disappears.
Gardaí said some of the fraud victims had been threatened with violence when trying to get their money back.
A number of arrests have been made recently in connection with the scam.
Last month, two people were arrested in Mullingar. They appeared in court yesterday where they were remanded to February. A third man was released without charge and a file is being prepared for the Director of Public Prosecutions (DPP).
Two other men were arrested on December 1st in a separate operation in Ennis. They have been released and a file prepared for the DPP.
Gardaí have warned the public to exercise caution and only deal with legitimate financial institutions. Anyone who has been affected by the scam is urged to contact their local Garda station.