A prominent Midlands businessman, Mr Brendan Galligan (56), paid €1.65 million to the Revenue Commissioners, the largest amount collected in the three months to the end of June.

Mr Galligan had invested €19,000 in the Clerical Medical International (CMI) offshore investment products offered by National Irish Bank. These funds had not been declared to the Revenue Commissioners.

He has now paid €882,610 in relation to undeclared personal income tax and VAT and taxes owed arising out of the investigation into the sale of the CMI bond. The Revenue collected a further €767,898 from his business, Mullingar Travel.

In total, he owed tax of €720,230 and paid penalties and interest of €930,278.

When Mullingar Travel was contacted yesterday, an unidentified man said Mr Galligan had nothing to say.

Earlier this year, Mr Galligan was convicted of knowingly or wilfully delivering incorrect income tax returns to the Inspector of Taxes in respect of the years 1992/93 and 1993/94 and was fined €1,500.

Mr Galligan, of Rathcolman, Mullingar, was one of more than 400 investors who participated in the NIB scheme. He is a father of three and employs eight people.