Bank accounts with €260,000 frozen following CAB investigations

Criminal Assets Bureau was contacted by US officials in relation to an Irish bank account

An investigation was commenced by CAB in cooperation with a US federal agency.

An investigation was commenced by CAB in cooperation with a US federal agency.

 

Bank accounts containing more than €260,000 were frozen on Wednesday on foot of two ongoing investigations by the Criminal Assets Bureau (CAB).

The first investigation was initiated following contact on Tuesday by a US federal agency investigating a company involved in the illegal manufacture of drugs contrary to US law.

The US federal agency had identified an Irish bank account which was being used to receive funds as part of this crime and for onward transmission to a bank account in another country.

An investigation was commenced by CAB in cooperation with the US agency and approximately €150,000 was subsequently frozen in an Irish bank account.

A spokesman for the Garda said the investigation remains ongoing “and is an example of CAB working with its international law enforcement partners to deny and deprive criminals of assets, wherever situated and derived, directly or indirectly, from criminal activity”.

The second investigation is part of CAB’s involvement in Operation Thor, which targets organised crime groups involved in burglaries and thefts across the country.

Wednesday’s actions are a follow-on from the CAB operation on October 29th where searches were conducted in Dublin and Wicklow. Cash, watches, and designer clothes were seized during those raids.

CAB’s subsequent investigations identified an additional bank account belonging to this particular gang and a further €110,000 has been frozen, bringing the total frozen as part of this particular CAB investigation to €358,000.

The Garda spokesman said Wednesday’s operation was “another significant development” in the investigation into the assets of this gang.