Ireland’s latest murder victim may have been killed in a debt row over a figure of only €2,000 (£1,666), it has emerged.

The last official sighting of Stephen Ring (27) was when he was dropped off by an associate at a housing estate in Clonard, Wexford town on October 15. It is believed he had a large amount of cash with him when he left his friend.

Gardaí made a breakthrough in the murder case after receiving key information about the savage assault last week and it is understood that officers have obtained a detailed statement from an individual.

It is understood that Mr Ring was the victim of a sustained assault and had bruises on his body when he was discovered on Sunday in a quarry lake in the Forth Mountain area.

Gardaí carried out a major search of the home of a woman aged in her thirties last week at a property in Wexford town which has been described as a “drugs den.”

No-one was in the house at the time but drug paraphernalia was discovered.

The woman was arrested by investigators yesterday as part of the murder probe.

This same property was sealed off yesterday as officers conducted their murder investigation and searched for key evidence.

Detectives had been working on the theory that Mr Ring was a homicide victim for a number of days before his body was found.

The 42-year-old chief suspect in the case is originally from a Munster county and has a number of previous convictions including for burglary and his links to the drugs trade.

He was arrested yesterday and was still in custody this morning.

News Catch Up: Monday 28th October

Discovery

The information gardaí received led them to a remote quarry at Shelmalier Commons, Co Wexford, where the man’s body was discovered early yesterday.

Mr Ring, who had been missing since October 15, is originally from the Oylegate area, but is understood to have been based in Wexford town in recent times.

Gardaí had announced a missing person appeal on October 18 and renewed this appeal on Saturday, before it was stood down yesterday.

“The belief was that this was a homicide case for some time. The victim was not well known to gardaí for involvement in crime,” said a source.

There was a strong garda presence at the quarry and walking trails on Forth Mountain, Shelmalier Commons, from Saturday afternoon, with the garda helicopter playing a part before Mr Ring’s body was found.

Gardaí quickly blocked off the access roads to and from the quarry, and sealed off the crime scene. Officers combed the quiet walking trails, which would ordinarily be busy with families on a Sunday, while a garda diving team was tasked with carrying out a search of the lake there.

The quarry and surrounding trails are likely to remain closed for a number of days as a full forensic examination of the scene is carried out, gardaí have said.

Mr Ring’s body was removed to the mortuary at University Hospital Waterford on Sunday evening, where a full post mortem examination will be carried out.

A senior investigating officer (SIO) has been appointed to lead the investigation and an incident room has been established at Wexford garda station.