Auction of gold seized by gardaí raises over €1.8m for the State

Ellen O'Donoghue

A series of online auctions of gold seized by gardaí has raised over €1.8 million for the State.

The assets were forfeited following drug trafficking and money laundering investigations carried out by the Dublin Crime Response Team.

The auctions, of around 18.8kg of gold bullion, raised €1,803,810 on behalf of the State.

"The sale forms part of An Garda Síochána's continued efforts to disrupt organised criminal activity by removing the financial benefits of crime," a garda statement said.

The first gold auction obtained €456,395, while the second collected €500,430.

The third and fourth auctions acquired €438,265 and €408,720, respectively.

The auctions have been taking place since January and were facilitated by Wilson's Auctions. They were also open to the public.

The net proceeds will be returned to the Exchequer.

Ken Holohan, detective inspector based in the Dublin Metropolitan Region, described recovering and returning the proceeds of crime as a "key part of disrupting organised criminal activity."

"This auction ensures that seized assets are processed transparently, with all funds ultimately going back to the State where they belong."