The Criminal Assets Bureau (CAB) has frozen more than 25 bank accounts linked to a fuel laundering operation thought to be run by a Louth-based gang. Raids were carried out across 10 counties this morning as part of Operation Loft.

Gardaí say a significant fuel laundering operation was uncovered at one location representing a potential loss of €5.5 million to the Exchequer.

Gardaí and officers from the CAB found a large amount of cash at two locations. A significant laundering operation was uncovered as well as computers and business records seized during searches of the 19 premises.

The laundering operation at an un-named location had the potential to produce €10 million litres a year representing a loss of €5.5 million to the Exchequer.

Investigation of Louth gang

As part of that discovery 40,000 litres of laundered fuel, 150 bags of bleaching earth, a 40-foot container and 161,000 litre tanks of sludge were also uncovered.

Operation Loft was carried out this morning and is linked to the investigation of a Louth gang over fuel-laundering.

200 officers carried the searches of houses, businesses and warehouses in Louth, Monaghan, Dublin, Kildare, Waterford, Offaly, Roscommon, Westmeath, Meath and Tipperary. Similar raids have also been carried out by the PSNI and Customs in the North.

The computers and business records seized will now be forensically examined.