Gardaí have disrupted a major money laundering operation after intercepting two men who were in the process of digging up about €1.2 million buried underground in a rural part of Co Limerick.
The massive haul of cash, which gardaí believe is the proceeds of crime, was seized on Saturday afternoon following a five-month surveillance intelligence-led operation.
It is the biggest seizure of cash in the history of the State. In June, some €300,000 worth cash was seized in an operation against a smuggling gang along the Border.
"It appears they [criminals] don't want to buy assets like houses or put it in the bank because they think the Criminal Assets Bureau will trace it, so they're keeping it in cash," said one Garda source.
A 53-year-old convicted criminal was one of two men caught transferring the money into a container on land at Portcrusha, Montpelier, on the outskirts of Limerick city.
The men were drying out the wads of cash in the container when gardaí swooped on the scene. The cash, which was buried several feet under ground, was wrapped in plastic and stored in boxes.
The two men were arrested under Section 7 of the Criminal Justice Money Laundering and Terrorist Offences Act 2010. They were detained for questioning under Section 2 of the Drugs Trafficking Act. The 43-year-old man was released from custody last night. The 53-year-old suspect was still being questioned last night and can be held for up to seven days.
