Dealings in nearly 50 properties have been frozen as part of a major investigation into the affairs of an alleged Northern Ireland-based drugs dealer with assets on both sides of the Border.
Colin Armstrong, who lives with his partner in an expensive home at Glenavy, Co Antrim, also owns apartments in the south of France and Dublin.
His properties, worth an estimated £4.8million sterling, are now under the control of an interim receiver appointed by the High Court in Belfast.
The development followed an 18-month long undercover investigation, the biggest by the UK's Assets Recovery Agency (ARA) headed by its Northern Ireland assistant director, Alan McQuillan.
Mr Armstrong (38), who has alleged links with the Loyalist Volunteer Force, has been investigated several times by police investigating drugs smuggling, but has never been charged.
Two of his companies and eight personal and company bank accounts have also been frozen.
Northern Ireland Office Security Minister Ian Pearson said: "This is another significant action by the ARA and clearly indicates the agency's commitment to deprive criminals of their profits."
Mr Armstrong lives with his partner, Geraldine Mallon, who is also a director of some of the companies, and who held some of the assets in her own name, according to the ARA.
The High Court in Belfast, where an order was granted to freeze the assets, was told that Mr Armstrong was allegedly linked to drug trafficking between Belgium and Northern Ireland in 1994 and was also involved in importation and selling of drugs over a period of years.
At first he had links with the Ulster Volunteer Force and then sided with the LVF after the organisation split in Mid-Ulster where Mr Armstrong owns most of his properties.
His apartment in the south of France is situated on the Côte d'Azure, according to the agency.
The receiver, who has not been named, will carry out a full independent investigation into Mr Armstrong's affairs before submitting a report to the High Court.
He purports to own a number of companies, on both sides of the Border, including two identified as Modern Homes (NI) Ltd and Tudor Road Properties Ltd. As part of their inquires, the ARA worked closely with the Criminal Assets Bureau in the South, where he was also linked with car dealerships.
Documents have also been seized.
Mr Armstrong will be allowed to continue living at his Glenavy home.
None of his properties can be sold.
The receiver will examine all his bank accounts and question Mr Armstrong as part of the investigation.
Even though he can carry on running his companies, rent from his properties will have to be paid into accounts under the receiver's control.
Mr Armstrong's living expenses must also be agreed.
Mr McQuillan said: "We are alleging he was dealing in all types of illegal drugs. In the case of Ms Mallon, we have simply alleged that she is Mr Armstrong's partner, that she holds some of the assets in her own name, and that she is a director of some of the companies." - (PA)