Anglo Irish Bank raided by Fraud Squad

Fraud squad officers and white-collar crime investigators have raided the headquarters of Anglo Irish Bank, in Dublin. It’s understood they’re looking for books, documents and other materials which could provide evidence of any offences under company law.

Gardai attached to the Garda Bureau of Fraud Investigation have been called in to assist other officers working with the Director of Corporate Enforcement.

A garda spokesperson said the searches are part of an ongoing investigation with regard to suspected offences under the Companies Act.

Anglo Irish was involved in a loans controversy in December last year when Chairman Sean Fitzpatrick admitted he had hidden a total of €87 million in loans from the bank.

This triggered a series of incidents which led to the eventual nationalisation of Anglo in January this year.

Hardly a surprise raid though – is it. Any incriminating evidence will have been destroyed ages ago. Talk about bolting the stable door….. I suppose they have to be seen to do something. I wonder if any of the millionaire bankers or developers  will end up being prosecuted?