Around 250 properties in Manchester worth €44 million are being investigated by Northern Ireland's Assets Recovery Agency (ARA) as part of an inquiry into the assets of the Provisional IRA.
A statement from Northern Ireland's Assets Recovery Agency
The property portfolio has been acquired over a period of time and it holds €13 million in equity, the ARA said.
The searches were carried out on domestic and business properties linked with two Manchester-based businessmen. The agency is believed to have been investigating the assets of South Armagh man Thomas "Slab" Murphy.
In a statement, the ARA confirmed it had conducted a number of searches. The home and business of landlord Dermot Craven were also raided in the operation.
"The searches were carried out on domestic and business properties associated with two Manchester-based businessmen," it said.
"The agency has so far identified approximately 250 properties held by both persons and a number of property management companies.
"The operation came about following a successful application to the High Court in London for search and seizure warrants and a disclosure order. During the searches, the Agency seized large amounts of documentation," the ARA said.
"The agency has also served disclosure notices permitting compulsory questioning by financial investigators and the handover of legal and other documentation."
It is understood that Mr Murphy has been under investigation by the Criminal Assets Bureau in Dublin. He came to prominence in 1998 after he sued the Sunday Timesnewspaper unsuccessfully in an 11-year legal battle over claims that he was involved in IRA bombing campaigns in Britain. Mr Murphy has a farm at Hackballscross, which straddles the Border.
It is understood the properties under investigation include flats, a house and a large site in Stratford and a house in Sale.
One property believed to be linked to the investigation was raided this morning on Britannia Road in Sale, south Manchester.
The offices of Dermot Craven Developments Ltd and the Craven Group property companies were visited by police in riot gear at 8am, according to witnesses.
The modest two-storey office building is the headquarters of Craven Group, a well-known local firm in South Manchester. The firm also has a letting shop in Sale and the business includes property sales, refurbishments and investment.
According to neighbours, police also visited the home of Mr Craven. At around 11am officers arrived at the substantial red brick detached Victorian house in the exclusive village of Bowdon.
The gated mansion, surrounded by holly bushes and trees, has security cameras monitoring the front and back doors.
Mr Craven and his wife, Dawn, who have three children of primary school age, were seen at the property.
Meanwhile, throughout today the Gardaí carried out a series of seven searches in the Co Louth area.
A statement released this evening said: "An Garda Síochana, through the Criminal Assets Bureau, have been working with the ARA for a number of months in respect of this and other investigations. There is ongoing close cooperation between the ARA and CAB at all levels and collaboration in investigations is a regular occurrence.
"Throughout the course of today officers, supported by local units, carried out a total of seven (7) searches in the County Louth area. 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.
Northern Secretary Peter Hain said later that the investigation had not featured during his two meetings with Sinn Fein and the DUP in Downing Street.
But he added: "The Assets Recovery Agency will continue with its work in making sure that assets acquired criminally and illegally and illicitly will be tracked down and seized where that is possible to do."
Additional reporting PA