€500m property empire in Brazil among gang’s assets
In the Costa del Sol, 60 properties valued at approximately €150m have been identified as proceeds of the international drug trafficking and money-laundering network.
Spanish police also confiscated €100,000 in cash, at one address alone, and more than 20 luxury cars.
Spanish police said in a statement: “The money obtained through illicit means by the group has been invested mostly in the real estate sector, in the Costa del Sol, as well as in other parts of the world such as Brazil, where the network possesses six tourist complexes and luxury residences.
“Investigators estimate that these complexes are worth around €500m.”
Kinahan, dubbed the “Irish Godfather”, was detained with his two sons on the Costa del Sol as police in Ireland, Britain and mainland Europe cracked-down on the operation.
The 53-year-old is alleged to be the kingpin of a network that has considerably more wealth than the €200m in assets police initially suspected.
He has a villa near Marbella worth €6m, and also uses an Estepona apartment worth €800,000. A son of the father of three also owns an adjoining €800,000 apartment.
Kinahan can be held in Spain for about one year without charge as an investigating judge examines the case against him.
