Two brothers running a major drug ring linked to the Kinahan crime cartel have been hit by the Criminal Assets Bureau.
CAB seized three top-of-the-range cars, estimated at €100,000 in total, and 20 watches that could be worth as much as €200,000.
They seized €28,500 and £700 sterling in cash, and froze €20,000 in bank accounts.
This is the latest operation by CAB and by separate garda divisions in south Dublin, which are targeting the wealth and assets of all ranks of the Kinahan cartel in Ireland.
The main targets are brothers who are also connected with another man, who was arrested in relation to a high-profile firearms incident involving the Kinahan cartel.
One of the brothers resides in Drimnagh, south Dublin, and his brother lives a short distance away, in neighbouring Inchicore.
A third man, with an address in Dolphin House flats complex, in the south inner city, was also a target of the operation.
Of the 10 properties searched, nine were in Dublin and one in Wicklow.
Five were residential, two were business premises (such as lockups), and three were professional offices (such as solicitors or accountants).
CAB officers took three vehicles — a BMW X5, an Audi A4, and a VW Passat. Twenty high-value watches were confiscated, including Rolex, Audemars Piquet, Tag Heuer Carrera, and Luminor. One of them was recently purchased for €10,000.
A small amount of drugs, suspected to be cocaine and cannabis resin, subject to analysis, was also seized.
€20,000 was frozen in financial institutions and officers also seized a Presidium Diamond-testing kit used to verify the quality of gems.
The testing kit indicated that gems were being used for the purchase and sale of items.
CAB also seized documents and mobile phones. There were no arrests.
CAB had received details of potential targets from the Special Crime Task Force and the operation was the result.
The SCTF, which is attached to the Garda Drugs and Organised Crime Bureau (DOCB), was set up to target mid-level gangs operating in local communities, mainly in Dublin.
In many cases, it has targeted gangs that are part of, or linked to, the Kinahan cartel in Dublin.
The CAB has six officers in the SCTF, liaising with its team of detectives, who were drawn from stations across Dublin.
CAB is now conducting an analysis of all the items seized and will carry out an evaluation of all the assets confiscated.
“This is a significant operation, against a significant grouping that is linked to the cartel,” said one source.
Both the CAB and the DOCB have been conducting numerous operations against the cartel, which has resulted in the confiscation of assets, the seizure of multi-million euro worth of drugs, as well as firearms and the prevention and interception of attempted assassinations on the rival Hutch grouping.
Officers have said the cartel is “running out” of trusted members who can orchestrate activities.