EXCLUSIVE: Gardai investigate alleged fraud at Credit Union

GARDAI have launched a major investigation after the alleged misappropriation of hundreds of thousands of euros from a Credit Union in the region, Limerick Live has learned.

A garda spokesperson confirmed that gardaí received a report of an alleged incident of fraud at a financial institution in the region on June 14, 2024.

“The investigation is ongoing,” said a garda spokesperson.

Limerick Live sent a media query to the Credit Union in question over the alleged fraud, which is said to involve a long-serving employee.

A spokesperson replied that when the Credit Union became aware of a financial irregularity in 2024 they “immediately contacted the regulatory authorities”

“A full independent review was carried out and a report made to An Garda Siochana.

“Members’ savings were unaffected and the Credit Union is insured to deal with matters of this nature,” said a spokesperson for the Credit Union, which is a local, not for profit financial institution. 

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Credit Unions exist only to serve members — not to profit from their needs. 

Surplus income generated is returned to the members by way of a dividend and/or is directed to improved or additional services for members. 

Members' savings are used to fund loans to other credit-worthy members of the Credit Union. Therefore, the money in a Credit Union always remains in the local community or 'common bond' that the Credit Union serves.