Crime & Law

Man charged in connection with €6.5m cryptocurrency seizure released on bail

Kevin Daniel Andrei (23), from Swords, appeared at Dublin District Court accused of three counts under money laundering and terrorist financing laws

Kevin Daniel Andrei appeared at Dublin District Court charged with three counts under money laundering and terrorist financing laws. Photograph: Collins Courts
Tom Tuite
Thu Aug 08 2024 - 16:44

A man charged following an investigation into darknet markets and money laundering involving cryptocurrencies has been released on bail.

Detectives from the Garda National Cyber Crime Bureau (GNCCB) seized around €6.5 million worth of cryptocurrency and arrested three people during a raid at a property in north Co Dublin on Monday.

Kevin Daniel Andrei (23), of Drynam Avenue, Swords, appeared at Dublin District Court charged with three counts of possessing close to €600,000 in crime proceeds under the Criminal Justice (Money Laundering & Terrorist Financing) Act.

He is accused of “concealing and disguising the true nature and source of 65 Wirex transactions” totalling €22,049 between March 3rd, 2021, and September 5th, 2022, at various locations within the State.

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It is also alleged that, between February 26th, 2021, and February 26th last, he concealed and disguised “the true nature and source of 1,822 Revolut transactions” related to criminal conduct valued at €227,429. The third charge alleges he disguised the true nature and source of 422 Binance transactions worth €341,959 between March 21st, 2021 and December 20th last. Mr Andrei is yet to indicate a plea.

Det Ciaran Byrne initially objected to bail but Judge Michael Connellan heard he had discussed conditions with defence solicitor Kate McGhee, who said her client agreed to the terms proposed by the GNCCB.

Approving bail, the judge told the accused, who has surrendered his passport, to sign on three days a week at a local garda station, not to apply for a replacement or new travel documents, reside at his current address, provide a phone number to gardaí and be contactable at all times. He was also told “not to carry out any cryptocurrency transactions” and to make no comments on public forums, including social media, about the case.

Legal aid was granted after Ms McGhee said her client was not working and Mr Andrei was ordered to appear in court again on October 3rd.

A man and a woman were also arrested on suspicion of alleged offences under money laundering and terrorism financing legislation. They were released pending the submission of a file to the DPP.