There is nothing to connect the IRA's alleged chief of staff Thomas "Slab" Murphy with 250 Manchester properties currently under investigation by the North's Assets Recovery Agency (ARA), the Sinn Féin claimed today.
The party's MP from Newry and Armagh Conor Murphy said Mr Murphy was being unfairly accused of being involved in criminal activity.
He said: "I read the statement from the Assets Recovery Agency which is quite vague and bland and doesn't refer to any republican at all, much less Mr Murphy.
"What we have is the Assets Recovery Agency issuing a statement about what they are doing and then an element or individuals within the Assets Recovery Agency who have a Special Branch background giving selective and private briefings to try and point the finger at different people," he said.
Officials from the agency - supported by members of the Criminal Assets Bureau (Cab) and by gardaí - are understood to be investigating a property portfolio of 250 houses said to be worth about £30 million.
Yesterday several properties, including a leading Manchester property agency, were searched as part of the operation and a large amount of documentation was seized.
The gardaí also confirmed Cab officers, supported by local Garda units, searched seven premises in the County Louth area. It is understood that detectives seized around 50 boxes of documentation for examination.
In a statement, gardaí said: "Searches were conducted at professional offices, during which a quantity of documentary material was seized and is currently being examined by CAB officers. No arrests were made and the operation is ongoing."
It said: "An Garda Siochana, through the Criminal Assets Bureau, have been working with the ARA for a number of months in respect of this and other investigations," they said.
"There was ongoing co-operation between the ARA and CAB at all levels," it added.
