Gardaí investigating the alleged money laundering of €29m by an organised crime gang have made a third arrest.

The Garda National Economic Crime Bureau has been investigating the multi-million Euro VAT carousel fraud in September 2016.

Investigators said the gang, based in the border region, moved funds through bank accounts across a range of financial institutions linked to various companies in Ireland and Northern Ireland.

The money was then transferred to a number of international bank accounts.

A man and a woman had previously been arrested and, yesterday, another suspect was arrested and taken to Dundalk Garda Station.

The suspect was later released without charge with a file to be prepared for the DPP.

Gardaí said the first arrest in the investigation came in May of this year when a suspect was arrested and questioned in County Louth.

A second suspect was arrested a question in August.

The arrests followed searches at 15 properties around the island of Ireland in September 2017.

A large volume of both digital and documentary evidence was seized during the searches.

The investigation involves a range of agencies from Ireland and the UK.