Former Fianna Fáil Councillor Ger Killally had a quantity of cash in the boot of his car when it was shot at by raiders yesterday, it is understood.
Mr Killally, his young children and his father were injured after the car he was driving flipped into a ditch after coming under gunfire.
The former property developer was declared bankrupt in 2010 and received a suspended three-year prison sentence last year for theft.
Gardaí are following a number of lines of inquiry in their investigation.
The cash is thought to have been intended to be used for a new business venture.