CAB smash money laundering ‘bank’
€1million seized as officers swoop on businesses & homes in 13 raids This has dealt a major blow to this organised crime group
THE Criminal Assets Bureau has smashed a multi-million euro money laundering ring acting as a “bank” for Irish crime gangs.
Gardai confirmed last night 13 sites were searched in two separate raids yesterday resulting in the seizure of funds totalling €1,035,093.
The operation was targeted against a racket using foreign-owned businesses operating here to launder dirty money.
The “service” was washing the proceeds of drug dealing and other crimes for a number of different Irish gangs, sources said.
It’s understood Chinese restaurants were among the fronts.
A major Garda operation yesterday was described as a “significant development” in dismantling the network.
Dozens of CAB officers were supported by gardai from the Regional
Armed Response Units and the Emergency Response Unit in conducting raids on 11 sites in Dublin and Wicklow including eight residential and three business addresses.
Cash totalling €733,499 was seized in cash bundles – some of which were found stuffed behind radiators.
Wads of €50 and €20 notes wrapped in blue plastic bags were put on display following the raids.
CAB also took possession of four vehicles and luxury goods as well as freezing a further €301,594 held in Irish bank accounts.
A senior source said: “The CAB move was against a serious organised crime group operating in North Dublin area.
“Gardai were aware of this gang for some time now.
“These raids have resulted in excess of €900,000 cash being seized and has dealt a major blow to this organised crime group.” A Garda spokesman added: “The Criminal Assets Bureau conducted a search operation as part of an ongoing intelligence-led operation targeting foreign nationals involved in the laundering of the proceeds of crime, accumulated by Irish-based organised crime groups.
“This operation marks a significant development in the CAB’S ongoing investigation into a criminal network involved in the laundering of funds for a number of national and international organised crime groups.
“Seven people have been arrested for money laundering offences contrary to Section 7 of the Criminal Justice Money Laundering and Terrorist Financing Act, 2010 and are currently detained at Garda stations.” The Irish Mirror understands a number of those arrested are Chinese nationals.
The raids were assisted by detectives from the Garda National Immigration Bureau and the Garda National Economic Crime Bureau.
Last year CAB seized assets in excess of €64million as well as €53million in cryptocurrency. Revenue Bureau Officers returned a total of €11.7million under the provisions of the Tax Acts and a total of €2.3million was saved by Social Welfare Bureau Officers as a result of individuals having their payments either reduced or terminated.
SOURCE YESTERDAY
THE CAB is to be commended for its operation which has dealt a blow to a crime organisation involved in money laundering.
Yesterday’s seizures were just the latest in a number of recent successes against Irish criminals and their overseas bosses.
The amount of cash involved – more than €1million recovered or frozen – is an indication of how lucrative the drug trade is.
While these successes are to be welcomed there can be no room for complacency for as long as there is a demand for narcotics in this country there will be those who seek to profit from supplying them.