Fraud-probe businessman makes CAB settlement

A businessman is to hand over assets worth €26.7m to authorities in the United Kingdom and Ireland after a long-running fraud probe, it was revealed tonight.

Dylan Craven, 31, had been under investigation by the Criminal Assets Bureau (CAB) and Britiain's Assets Recovery Agency (ARA) for several years.

The businessman – originally based in Limerick, but now living in London - reached the multi-million pound settlement after his assets were frozen in 2002.

It is understood to be the single biggest settlement ever reached.

A spokesman for the Gardaí confirmed the payment.

“There was a settlement made with CAB and the ARA. It’s worth £18 million sterling, “ the An Garda Siochana spokesman said.

Under the terms of the agreement, Mr Craven has agreed to hand over a villa in Marbella and four race horses.

Mr Craven and a number of companies he owns have been the subject of extensive investigations since before 2002.

The Garda Bureau of Fraud Investigation worked along CAB probing the wealthy businessman’s affairs.

His assets which included large sums of cash held in bank accounts in the UK and Ireland were believed to be worth in the region of €25m.

They were frozen following initial investigations more than four years ago.

He was charged with VAT offences, but last year was acquitted in a London court.

However, CAB and ARA continued their investigations over the last 12 months and following a series of negotiations with Mr Craven and his companies the massive settlement was reached.

An ARA spokeswoman said the agency had agreed a settlement on property held by him.

“The settlement details €26.6m, a property in Marbella and four racehorses,” she said.

“The agreement reached requires him to pay this sum of money to agencies by 12 October.”