Anti-racketeers investigating IRA money laundering seized £11.8 million sterling worth of property in Manchester today as part of their offensive.
The Assets Recovery Agency, which is due to be phased out, served property freezing orders on two Manchester businessmen, Paul Dermot Craven and Brian Pepper.
The orders were the last phase of the agency's investigation which saw 15 properties in Manchester worth around £1.2 million frozen last November and December.
In a High Court application, the agency said the portfolio of 77 properties around Greater Manchester had been funded by the proceeds of financial crime and used to launder money.
The portfolio, with an equity value of around £4.7 million consisted largely of tenanted flats and houses operated and owned by property companies based in Sale in Manchester.
The freezing orders were served on Dermot Craven Developments, Avenue Holdings and DC & BP (2004) Ltd.
The agency stressed that it was not alleging any criminal conduct by Dawn Craven, a director of Dermot Craven Developments, or Gerald Joseph Nightingale, a director of Avenue Holdings Ltd.
The Assets Recovery Agency conducted searches in Manchester in October 2005 as part of its investigation and seized more than 350 records.
Last week the Government announced plans to merge the Assets Recovery Agency with the Serious Organised Crime Agency. Northern Ireland politicians and the North's chief constable, Sir Hugh Orde, have expressed concern about this move.