THE Criminal Assets Bureau (CAB), assisted by local gardaí, conducted a search operation in Cork city and West Cork this morning.
Searches were conducted at one residential premises in West Cork and two business premises in Cork city.
The CAB investigation follows an extensive fraud investigation conducted by local gardaí in West Cork centering on fraudulent claims in excess of €3.5m made under the Drug Refund Scheme.
Approximately €150,000 in cash (including euro, sterling, dollars and foreign currencies) was seized along with a quantity of gold and silver coins (including South African Kruggerand coins).
A number of safes are currently being searched and updates will be provided.
A quantity of documents (including title deeds for properties), computer devices, etc. are being examined by investigating officers.
No arrests have been made at this stage and the investigation is ongoing.