The Garda National Economic Crime Bureau is helping European and US law enforcement agencies to trace the proceeds generated by OneCoin, a bogus cryptocurrency thought to have raised about €4bn worldwide.
Launched in 2014, OneCoin was the latest in a line of cryptocurrencies that promised to revolutionise the way we do banking online, and make early investors rich. It branded itself "the Bitcoin killer".
Thousands of people invested in OneCoin from more than 175 countries. It has now been revealed that, at€4bn, this was possibly the biggest cryptocurrency scam of all time.
Founded and led by Ruja Ignatova, a Bulgarian law PHD graduate and businesswoman wo has vanished and has now been dubbed the Missing Cryptoqueen.
She promised huge returns for everyday investors, including 'empowering' millions of people in Africa and Asia by connecting them to global financial markets.
The scheme was also heavily marketed to Muslim investors as 'Sharia-approved'.
American authorities have told Garda Headquarters they believe the Irish banking system was used to launder vast quantities of money derived from the scam.
It is alleged that at least €273m from the proceeds of OneCoin was laundered through Bank of Ireland accounts by Mark Scott, an American lawyer who is awaiting trial.
OneCoin was touted by some of the leading names in the financial industry as a sound investment, and events were sponsored by the likes of The Economist.
Ignatova even appeared on the front cover of the Russian-language version of Forbes magazine, although OneCoin paid for the space as part of an ad campaign.
The Bulgaria-based organisation behind OneCoin Ltd continues to operate and denies all wrongdoing.