Luxury car worth €50,000 among assets seized by CAB in Waterford

A luxury car worth up to €50,000 was one of two vehicles seized by the Criminal Assets Bureau in Waterford city early on Tuesday.

The operation was the culmination of research conducted by a divisional asset profiler - a local garda trained in spotting unexplained wealth.

CAB officers, assisted by armed units, local detectives and the Customs dog unit, swooped on the city centre homes of two men.

The men, one aged 27 and the other 33, were at their homes, and the latter was arrested after drugs were found on the premises.

A Volkswagen Passat, 151 registration, with an estimated value of up to €20,000 was seized.

CAB seized a luxurious Volkswagen Arteon, with a 191 registration, worth an estimated €50,000, at the home of his associate.

In addition some €1,000 in cash was taken away.

The cash seized this morning. Pic via Garda Press Office

Revenue officers attached to CAB are now examining the men's income and may issue tax demand on any monies suspected of being derived from crime.

The CAB operation was the result of a file being prepared by the local asset profiler, who had conducted inquiries into the assets and sources of wealth of the two individuals.

That file was submitted to CAB earlier this year and was taken on by a bureau investigation team in Dublin.

Sources said the two men were also well known to gardaí locally for suspected involvement in a wide range of criminality, including burglary, selling stolen vehicles, handling stolen property, assault and drugs offences.

A Garda statement said CAB was assisted by the Regional Armed Response Unit, Waterford District Detective Office and the Revenue Customs Dog Unit.

Quantities of cocaine, herbal cannabis and MDMA were also seized and the 33-year-old was detained by local gardaí at Waterford Station for questioning.

The statement said the search operation was a "significant development" and indicated the success of the Asset Profiler Programme whereby local gardaí can suggest likely local lower and mid-tier targets for consideration by CAB.

The bureau has now trained 427 local asset profilers around the country, compared to 259 in 2017, describing them as their "eyes and ears".