Man released in €1.2m cash haul investigation

A man has been released without charge by gardaí investigating the discovery of a suspected money laundering operation in Co Limerick.

A second man (53) remains in custody after being found in the process of digging up about €1.2 million which had been buried on land at Portcrusha, Montpelier, on the outskirts of the city.

The massive haul of cash, which gardaí believe is the proceeds of crime, was seized on Saturday afternoon following a five-month surveillance intelligence-led operation.

It is the biggest seizure of cash in the history of the State. In June, some €300,000 worth cash was seized in an operation against a smuggling gang along the Border.

"It appears they [criminals] don't want to buy assets like houses or put it in the bank because they think the Criminal Assets Bureau will trace it, so they're keeping it in cash," said one Garda source.

The men were drying out the wads of cash in a container when gardaí swooped on the scene. The cash, which had been buried several feet under ground, was wrapped in plastic and stored in boxes.

The 53-year-old suspect is being detained under Section 2 of the Criminal Justice (Drug Trafficking) Act and can be held for up to seven days.