A significant proportion of the €1.2 million in cash found in a field in Co Limerick was badly damaged after spending months buried in damp metal containers.
The onerous task of drying out and separating the hidden cash, which was seized as part of an investigation into organised crime, continued for a third day yesterday.
The massive haul was uncovered at a property at Portcrusha, Montpelier, Co Limerick, last Saturday, and is believed to be the proceeds of crime, in particular the drugs trade.
It has emerged that a significant amount of the notes were seriously damaged after spending months stored in metal containers buried in marshy lands.
It is understood that the manner in which the money was buried caused some of the paper notes to blacken and almost disintegrate when they were exposed to the air.
Six feet under
Some of the cash was placed in metal containers and manure and marshy soil was placed down on top of the boxes when it was buried more than six feet underground.
Detectives are still working to establish how long the money was buried for. The surveillance operation, led by the divisional drugs unit from Henry Street Garda station, has been ongoing since last July.
“The money was badly packed and put into a steel container and buried underground and when the boxes were open and the air hit it, the moisture almost destroyed the note which turned black and nearly disintegrated,” one source said.
A man arrested in connection with the €1.2 million seizure was released without charge yesterday.
The convicted drug dealer (53), originally from the north side of Limerick city, was arrested at 2.30pm last Saturday along with another man after gardaí swooped on the money-laundering operation.
He was held for questioning under drugs trafficking legislation but was released without charge yesterday evening. A file is being prepared for the Director of Public Prosecutions.
The other man (43) was released without charge on Sunday night.
Tumble drier
The massive haul of cash was seized following a five-month operation.Gardaí also found wads of cash being dried out in a tumbler drier inside the container. A digger which was being used to retrieve the buried cash was also at the scene.
The Criminal Assets Bureau (CAB) could make a claim on the money but in the meantime gardaí in Limerick are likely to apply to the courts for an extension in the amount of time they can legally hold the money as part of the investigation.