CAB to auction off seized Rolex watch worth over €70k on eBay

Gardaí are hoping to making a killing on their next operation — but it’s all in the name of serving the public.

Detectives from the Criminal Assets Bureau are selling a seized Rolex watch and are turning to eBay in the hope of getting the best possible price for the public coffers.

The Rolex Daytona goes on sale on the online auction site today at 1pm, with bidding due to end on Apr 20.

At the top end of the range, this model can fetch over €70,000, so bids will be watched closely at Garda Headquarters and the Department of Finance.

The watch was one of two seized in a raid on a house in Saggart, Co Dublin, on St Valentine’s Day in 2012. A second Rolex was also seized in the raid along with a BMW Coupé and €46,000 in cash.

A follow-up search of another house resulted in the seizure of a third Rolex and €8,000 in cash, which remain the subject of ongoing legal proceedings.

CAB’s latest annual report, which was published yesterday, shows operations by the unit resulted in cash and property worth more than €7.2m being returned to the exchequer in 2012. More than €4.8m was recovered under Proceeds of Crime legislation, almost €2m was in the form of unpaid taxes and interest, while €394,000 came from repaid social welfare.

But the report shows a further €11m in unpaid taxes and interest demanded remained outstanding at the end of the year.

Justice Minister Alan Shatter welcomed the report. “Again we see the considerable powers of the Criminal Assets Bureau being brought to bear on those who seek to live off the ill-gotten gains of criminal activity,” he said.