Gardaí investigating the oil laundering operation raided along the Border last week believe they have found the first links between it and the €44 million Manchester property empire being investigated by the UK's Assets Recovery Agency, The Irish Times has learned.
The UK property portfolio, which includes 250 houses, and the Co Louth laundering operation are both linked to the IRA's alleged former chief of staff, Thomas "Slab" Murphy.
New evidence has also emerged suggesting the property portfolio in the Republic linked to Mr Murphy is worth up to €10 million, significantly more than previously believed.
Senior Garda sources said the Irish portfolio includes two lots of recently purchased farmland costing almost €2.5 million, as well as a new housing development just south of the Border and a number of older houses which are being rented.
Gardaí are satisfied that documentary evidence gathered last week reveals a pattern of cash regularly leaving the Republic for the UK and that a bureau de change along the Border has been used in the movement of the money. Gardaí believe these parcels of money are the proceeds of the oil laundering business targeted last week.
They are also satisfied that when the money reached the UK it was being used to buy at least some of the houses around the Manchester area now under investigation by the Assets Recovery Agency.
Last October members of the agency raided a number of houses and offices in Manchester. One of the premises raided was that of a UK property management company, which the agency believes was being indirectly used by Mr Murphy to build up the property empire, though he denied owning the houses.
Raids by the Criminal Assets Bureau took place in the Republic at the same time as part of a parallel investigation here into the Irish property portfolio linked to Mr Murphy.
The Irish Times has now established that evidence gathered during last week's raids has uncovered information about two substantial land deals here in the last 18 months by those now under investigation.
One involved the purchase of a farm just south of the Border for almost €2 million. Records have also been recovered relating to the purchase of a plot of land which was bought over a year ago for €500,000.
Evidence has also emerged that those involved in the oil laundering business now under investigation are behind a new housing development which is also located in the Republic.
The Irish Times understands that this development is being carried out by a company to which the three people arrested and released last week and Thomas Murphy have no recorded formal link. However, senior officers are satisfied that the targets of the oil laundering investigation have a very substantial hidden share in the project.
Sources involved in analysing the information found during last week's operation said it included bank statements from a variety of bank accounts in Northern Ireland which gardaí were previously unaware of.
The cash and cheques seized have now been counted. A final €350,000 value has been put on the euro and sterling currency found last week. It had been wrapped in plastic bags and hidden in bales of hay in a shed on one farm that was raided. The cheques seized have been valued at over €600,000.
The money and cheques were seized on Thursday along with vehicles, laundering machinery, computers, documentation, contraband cigarettes and laundered fuel.
The searches of multiple sites and premises, named Operation Achilles, involved more than 300 Garda and PSNI officers, Irish and British soldiers, and customs and revenue officials from both sides of the Border. Co-ordinated searches took place around the townland of Ballybinaby, Co Louth, and across the Border in Crossmaglen, south Armagh, and in Newry, Co Down.
