GARDAI are considering seizing the assets of a prominent businessman in Dublin suspected of financing a loyalist paramilitary cannabis smuggling operation.
The businessman is well known in social and sporting circles in Dublin, and has a senior position in an organisation which links some of the most respected figures in Dublin society.
He was arrested this week and questioned by detectives investigating companies set up to launder the proceeds of the smuggling operation. He was later released.
The man had not previously been suspected of criminal activity, and gardai regard the development as a significant breakthrough in the nine month investigation. They are now preparing a file for the Director of Public Prosecutions seeking direction on charges.
Gardai have established links to a UDA gang which was behind a major cannabis smuggling operation last year. The cannabis was seized by gardai after the smugglers failed to rendezvous with UDA gang members waiting in the Republic not far from the Border with Northern Ireland.
The involvement of the Dublin businessman and a Co Meath man, emerged after the RUC investigated the financial activities of the UDA gang. One of the gang members owns a public house in north Belfast. It was discovered the two businessmen were involved in the pub. Further inquiries were made, and it was discovered that the Dublin businessmen and the UDA gang were heavily involved in smuggling spirits and drugs.
The Garda investigation is part of a joint operation with the RUC and British police. In a series of raids in all three jurisdictions this week more than 30 premises were searched, including 20 in the Republic.
Documents relating to the setting up of new companies for suspected money laundering are now being examined by the Garda's National Bureau of Fraud Investigation in Dublin.
A large quantity of cash and smuggled alcohol worth up to £300,000 was seized in Britain, while a second consignment of cannabis was found by the RUC in Northern Ireland.
The Co Meath man was arrested and questioned by detectives in Dublin as part of what is known as Operation Kilbreck. He was also released and a file on his case is being prepared for the DPP.